Friday 16 October 2015 00:06, UK
Paul Merson believes Arsenal should have spent more money funding a sustained tilt for the Premier League title.
Chief executive Ivan Gazidis was forced to defend the club's transfer policy to fans and shareholders at Thursday's Annual General Meeting, highlighting the signings of Mesut Ozil and Alexis Sanchez in consecutive seasons as evidence of the club's title ambitions.
Petr Cech was the only new face brought into the senior squad during a quiet summer transfer window for the north London club but subsequent accounts - released in September - revealed cash reserves of close to £200m.
Former Gunner Merson believes the club should have used more of the money available to bolster their attacking options.
Merson told Sky Sports: "Why have Arsenal finished that many points behind Chelsea last season and only signed a goalkeeper?
"They should have gone for Karim Benzema. Arsene Wenger in the summer compared Olivier Giroud to Benzema, but the Real man would get more goals.
"He should have put in a bid for £70m, and if he didn't want to come then so be it, but at least Wenger could have shown his ambition to the fans.
"Wenger sees what players are worth and doesn't want to pay more, but modern football is clubs demanding more than a player is worth. You don't get players for cheap anymore.
"You can't have £193m in cash reserves and not use some of it to win the league.
"I'm a great believer in evolving. We saw it with Manchester City after they won the league, they didn't change the team much and they fell short. The hardest thing in the world is improving year on year, or getting to the top and staying there.
"Just think of massive fast food companies. They make all that money and create all that success, selling more hamburgers and more chips and more drinks than anyone else, but they still spend on adverts. Arsenal should have spent in the summer.
"If one of the centre-halves or strikers gets injured they're in trouble. Arsenal will not win the league with Theo Walcott up front as the main focal point. They need a bigger focal point."
Arsenal will not win the league with Theo Walcott up front as the main focal point. They need a bigger focal point.
Bayern Munich supporters are planning to boycott the first five minutes of their Champions League game at Arsenal next week over "excessive and impossible" ticket prices around Europe.
And Merson believes the time has come for Arsenal to increase their ambition to reflect ticket prices, adding: "The club need to match that up with their spending. They need to take more of a chance.
"You pay top dollar at Arsenal, there aren't many clubs around the world more expensive to watch.
"When Arsenal get beat by Olympiakos in midweek, why do the fans have to pay £80 or £90 for a ticket on Sunday, when they haven't seen value in midweek?"
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