Chelsea and Manchester United have spent heavily but Arsenal chief Arsene Wenger is convinced his policy of developing young talent rather than making big-money signings will yield silverware.

"If I want to buy a player today then I have money available," he said.

"Maybe I'll need money in four, five or six years but that will depend on how much money the other clubs have and what the average salary is.

"I believe I can compete and be successful because I have a team that can win the Premiership and do well in the Champions League. That's why I'm here.

"There are many ways to work in the game. We buy good players when they come onto the market, but generally we have gone for a different solution and we will continue to do that.

"I'm not saying other clubs have got it wrong. Instead we're doing it our way and are happy with that. It's my decision to take this route."