Former Arsenal striker Charlie Nicholas was disappointed by their winter market work.
Nicholas says Arsenal should have sold more players in January and given the money to Alexis Sanchez and Mesut Ozil.
"Should they have done more? Yes. The loans all make sense but I'd have liked to have seen a couple of sales - Carl Jenkinson, Mathieu Debuchy, for example," he told Sky Sports.
"That money could have gone towards what for me would have been two of the biggest deals this window: new contracts for Alexis Sanchez and Mesut Ozil. The greatest statement Arsenal could have made would have been to retain those two players and I'm disappointed they haven't."