Arsene Wenger insists Arsenal are serious Barclays Premier League title challengers despite lagging behind their rivals when it comes to transfer spending. Manchester City have splashed out £80million on four players so far this summer in a bid to break into the top four and secure Champions League football.

The Gunners, in contrast, have spent just £8.5million on defender Laurent Koscielny while Moroccan striker Marouane Chamakh moved to the Emirates on a free transfer.

"I am very confident [we'll do better than last season]," the Frenchman told the club's website.

"We know in England that the Premier League is the biggest league in the world and everybody invests a lot of money.

"We invest in our work, in our beliefs, in the quality of our behaviour and I am confident that will pay off. "We finished third last year and we hope we can improve on that - but the race will be tough."

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