Former Arsenal striker Charlie Nicholas says management have cost the club will poor transfer decisions.

Arsenal only have themselves to blame for being left with a difficult decision to make over Pierre-Emerick Aubameyang's contract, insists Nicholas.

"We let Aaron Ramsey's contract run down and at the age of 28, we let him leave for nothing," he told Sky Sports.

"We've had a problem at the top level for a long time. It goes as far back as David Dein not being present any more.

"We have a problem identifying the players and then what we did was start paying £30m for Shkodran Mustafi and defenders who have not cut it for Arsenal. We've been buying wrong and the players have realised they're not a threat to the Premier League and the Champions League.

"The Arsenal hierarchy have got it all wrong. If Aubameyang does go, he'll want to go to a club that can win trophies. It's the same as what Robin van Persie did.

"Arsenal haven't got an identity problem, they've got a decision-making policy problem, and it has to be sorted at the top end."