Arsenal chiefs have warned they won't pay over the odds for players after announcing record financial figures.

"We have always backed the manager with every player he has bought," said Arsenal managing director Keith Edelman.

"If he thinks the squad needs strengthening, we will back that judgment.

"We can only run this business by allowing Arsene to run his side of the business, which is anything to do with the football."

Edelman quipped: "When we discussed the results at a board meeting, Arsene's only comment was 'can you please report Arsenal are poor'."

However, the director revealed: "Arsene is concerned if people think you have too much money, it will be more difficult to purchase players."