Arsenal finance chief Tom Fox insists they have no plans to enter a spending war with their European rivals.
Arsenal splashed out £42.7 million on former Real Madrid midfielder Mesut Ozil in August, but Fox insists their "model" doesn't allow them to spend big every transfer window.
Fox said: "We're a football club in London and we are a global brand but we would never try to compete against the financial resources of a country.
"I just don't think that's a very realistic thing for us to do - trying to chase those types of owners. Obviously it's just not possible.
"Almost by necessity, we have a financial model that doesn't allow us to go into the market every summer and buy all of the best players that are for sale.
"We are competing against oligarchs, we are competing against nation states, we are competing against clubs all across Europe that have sources of funding that are significant, that make it very difficult for us to compete. Winning and doing it on our terms, in a self-sustaining way, would be incredibly powerful.
"We believe we will be successful running the club the way we're running it, despite other issues, whether it's the economy at large, whether it's the make-up of the ownership."
