Arsenal director Lord Harris recently claimed that the club had £200m in their transfer budget, but this has been debunked.
Gunners boss Arsene Wenger countered these comments and said that the Gunners cannot sign just anyone.
Harris had claimed that there was “over £200m in the bank”. He went on to say that Arsenal are on track to break their transfer record.
However, Wenger says he is confident in his current squad.
“Whether his comments are helpful or not doesn’t matter. He’s gone a bit overboard. It’s not true. We are in a situation where we are working hard if an opportunity comes up to do something,” Wenger told reporters.
Arsenal have signed goalkeeper Petr Cech for £10m this summer, after making major moves by signing midfielder Mesut Ozil and forward Alexis Sanchez in the last two years.
They have been otherwise quiet in the transfer window though, while Manchester United and Liverpool have been the most active.
Manchester City also made a splash with the signing of Raheem Sterling for £49m.
Arsene Wenger CONFIRMS imminent Arsenal transfer
Friday in pictures: Arsenal & Chelsea flops return, new Man Utd kit spotted, Liverpool in action