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Arsene Wenger has said he is "ready to buy players" after the Arsenal boss received criticism for losing this weekend's match against Aston Villa and was accused of being unwilling to spend on new players.
Mr Wenger issued this letter in response to fans:
Arsene Wenger should not be offered a new contract as boss of the club, the Arsenal Supporters' Trust (AST) said today.
According to business blogger The Swiss Ramble, the Gunners have a cash balance of £154 million, which is thought to be almost as much cash as the rest of the Premier League’s other 19 clubs combined (£181 million).
In a statement, the AST said: "In recent weeks [chief executive] Ivan Gazidis has spoken of the club's intent to offer Arsene Wenger a new contract.
"The AST believes this is inappropriate...The fact that there is money available for squad-strengthening is not disputed. The AST's independent analysis suggests that the amount is somewhere between £70m-£100m.
"Arsenal supporters are dismayed by this continued lack of ambition most notably illustrated when the manager describes fourth place as like a trophy".
Manager Arsene Wenger maintains his bruised Arsenal squad cannot afford to feel sorry for themselves if they are to bounce back from a nightmare opening day defeat by Aston Villa and keep alive their Champions League dream in Turkey next week.
The Gunners were booed off after they lost 3-1 at home to an industrious Villa side, who were helped somewhat by a controversial second-half penalty and the dismissal of Laurent Koscielny for a second yellow card.
Given the criticism for failing to land any major summer transfer targets despite having millions in the bank, it was hardly the ideal warm-up ahead of Tuesday night's first leg of a crucial Champions League play-off against Fenerbahce at the intimidating Sukru Saracoglu stadium.