Borussia Dortmund have confirmed they've not made an offer for Arsenal striker Nicklas Bendtner.
The Bundesliga champions have struggled financially in the past and club chief executive officer Hans-Joachim Watzke insists there will be no "paradigm shift" despite their recent success.
"There has never been an offer from Borussia Dortmund for Nicklas Bendtner," said Watzke, according to Hamburger Abendblatt.
"Of course we could make larger transfers... but we don't want to borrow any money."
