Arsenal chief warns transfer spending will not increase

Ivan Gazidis, chief executive of Arsenal, has defended the club's transfer policy, insisting that extravagant transfer spending should remain a last resort.

The club, which has not won a major trophy since 2005, has been criticised by some of its fans for failing to match the spending of its rivals at the top of the Premier League. however, it has maintained its place as one of the league's top four clubs, and the Champions League qualification that comes with that place.

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"We believe transfer spending is the last resort," said Gazidis yesterday. "That's a sensible view to have. Re-signing existing players is a far more efficient system. What Arsene will not do is spend money on players that do not add something of real value."

Arsenal's position is one that has found favour at the top of the sport, with Uefa and Fifa both keen to stop clubs spending beyond their means.