Wenger turns down Arsenal's 50-million pound transfer fund offer

London, Sep.29 (ANI): Gunners boss Arsene Wenger does not want to buy new players despite being handed over a 50 million pound transfer fund.

The Arsenal manager has risked upsetting fans by insisting he wants to nurture his promising youngsters and develop homegrown talent rather than buying established talent, reports The Mirror.

Arsenal CEO Ivan Gazidis said is there is money "available for investment" after confirming that a slice of the profits and cash from the summer sales is there for Wenger.

But Wenger said he would not accept the fund.

The Mirror quoted Wenger, as saying: "Listen, there is money to spend but at the moment I am very happy with the squad I have. It's not because I'm against spending money, I have nothing against spending money. But I do not spend money because out of tomorrow's squad is Nasri, Walcott, Bendtner.

"If by December we need to buy someone to add to the squad I will do it. Success on the pitch is the most important by far, but success on the pitch cannot be maintained if you are in financial trouble," he added. (ANI)