Arsenal chief Ivan Gazidis says the "dynamic" of the Premier League has changed.

Gazidis admits in the past the Premier League big boys would have been able to force smaller English clubs into making deals because of the money on offer.

But the told the New York Times: "In the past, the big clubs could financially bully the smaller clubs — it would be unthinkable that a smaller club would be able to hold on to its best player if Manchester United or Arsenal came knocking at the door.

"That dynamic is changing.

"And so the constraints within the Premier League are less and less about pure finances, and more and more relatively important become things like how well you identify players, how well you develop players, what kind of sports science you have, your analytics, your psychology.

"All of these support areas around what we do increasingly become bigger differentiators, because the money is not enough to blast the best talent toward you."