Arsenal boss Arsene Wenger did not reinvest his summer transfer profits because he believes he has the squad to compete with the best in the Premier League. Thomas Vermaelen was the only arrival as Ajax received £10m, leaving an estimated profit of £31m in transfer income.
The Frenchman told Arsenal's official website: "We sold Kolo and Adebayor but bought Vermaelen.
"That money is for me. I know how much I have and I am happy with it.
"But last week we played Wigan. We won 4-0 and on the bench I had (Nicklas) Bendtner. (Theo) Walcott, (Andrey) Arshavin, (Samir) Nasri, Denilson and (Johan) Djourou were not playing.
"Do we have the squad to compete with the other (Big) four? I say yes. We have an unbelievable squad. Where do you put all the talented players?
"I believe we can show that we are not in a position where we need to buy. For me, we are in a position where we want to transform our potential into being real Premier League contenders."