Arsenal are poised to complete a £16 million deal for Malaga’s Santi Cazorla even as Arsene Wenger warned of a cash crunch in Europe unless clubs rein in spending.
Taking a swipe at mega-rich rivals Manchester City and Chelsea, the Arsenal boss insists his club are still not in the same League financially as their two Premier League rivals despite massive earnings from matchday income at the Emirates, according to a report in The Sun.
Wenger is confident of completing a deal for Cazorla which would bring Arsenal’s summer spending up to £39m.
The Frenchman said: “We consider ourselves in a privileged position because we have a massive income.
“But overall we are not mega-rich because we do not have unlimited resources.
“A club can buy players like PSG has done or Manchester City or Chelsea, with unlimited resources, but overall football suffers.
“Look at the activity on the transfer market since the start of the summer.
“PSG are ambitious and they have resources and that’s it. We talk always about the same things.
“I don’t think anything is new in that domain."
Wenger feels Europeans could impode and sink in a whirlpool of debt if they don't act responsibly.
He said: “Europe at the moment is like the Titanic but we live in football like nothing matters.
“More than ever we have to run our club in a strict way because it looks like everybody suffers in Europe.
“I would be surprised if football is not touched by it at some stage.
“If you look at debt in football across Europe at the moment it is quite massive and we have to be responsible."
Wenger said clubs have to strike a balance between being ambitious and being debt ridden.
He said: “We have to be ambitious but also make sure we are not getting in trouble financially.
“It is difficult for us because the wages in some other clubs are very high.
“But of course our players quite rightly compare themselves to the players of the other clubs.”
Asked whether Chelsea’s Champions League win would change anything in England, Wenger said: “I don’t see what it could change.
“Maybe it will wake up the appetite of Abramovich again. I’m proud when any Premier League club wins the Champions League.
“It shows how competitive the Premier League is because Chelsea finished fifth in the Premier League and that is the real quality of a team.
“More than the Champions League it is about where you finish in the league.
“That just shows how good the Premier League is.”
Wenger is looking to stage talks this week with both Robin van Persie and Theo Walcott over their futures.