Arsenal chairman Peter Hill-Wood admits they NEED financial fair play laws to compete.

Hill-Wood said that the Premier League club's agreement to bring in financial fair play-style spending controls would help Arsenal.

He said: "These new rules will be good for us, good for the Premier League and good for the game as a whole.

"It is important that we maintain the quality and level of competition if the game is to continue being a compelling spectacle and we believe the introduction of tighter financial regulation will assist all clubs to compete while remaining financially responsible."