Arsenal chairman Peter Hill-Wood admits the club does not have a huge amount of money to throw around during the winter transfer window.

Manager Arsene Wenger was expected to bring in some experienced players this January with the likes of Andrei Arshavin reported to be close to a move to the North London club.

However, despite the speculation around potential Gunners transfers it appears that new signings will be few and far between.

"I don't think there is a lot of money anywhere," Hill-Wood said in the Daily Star.

"One has got to look ahead - in the future there is probably not going to be much more money coming in.

"We have got money, but I am not sure we are going to spend it. We've got to continue to run the business in a sensible way.

"It may sound boring, but we are not going to rush out and spend fortunes on people who won't help us achieve anything better than where we are at the moment.

"Arsene has a lot of young, talented players at the club and I think he will probably give a chance to one or two of them."