Arsenal manager Arsene Wenger believes that his side are fully capable of challenging for the Premier League trophy, despite not having the spending power of their rivals.

The Frenchman recognises that the likes of Manchester City and Chelsea have the finances to dominate in the transfer market but Wenger is confident that the Gunners can prove their worth on the pitch.

"Firstly, I must say that not being able to match the spending of the richest clubs does not mean that you can't compete with them on the pitch," Wenger told Time Out Hong Kong.

"When I first came to England, this question did not exist. Every club was run within its resources. The Chelseas and the Man Citys are new problems. But with this new financial environment, what has not changed at all is our policy that we will be as ambitious as ever and spend the money that we have available, if possible in an intelligent and wise way.

"We have always spent money because we are ambitious for top-class players and if you look at the history of our last 15 years, we have always had top-class players. It does not mean you can't win the title if you can't compete financially."

Arsenal have not won the English league for eight years and last won a trophy in 2005.