Arsenal's replacement for Arsene Wenger will not get a transfer warchest in the summer, according to the Telegraph, who report that only £50m will be made available for the new man in the hotseat at the Emirates Stadium.

At a club who are desperate for change, that level of investment simply won't cut the mustard, especially with the likes of Manchester City surely set to spend big to progress their squads.

What's the story, then?

The report states that, because of two club-record signings and three major contracts handed out within the last year, Arsenal are tightening the purse-strings.

That means that a summer of investment is only possible if the new boss makes high-profile sales - something that undermined Arsenal's progress under Wenger for years - first.

A £50m transfer kitty essentially allows the Gunners to sign one new player and then other arrivals will be funded by outgoings, which is not necessarily going to sate the demanding fanbase.

£50m is nowhere near enough

It is an indictment on modern football in some ways that £50m is deemed an insufficient transfer kitty but it is simply the case.

This Arsenal team needs, and has needed for some time, major investment and surgery. The new man in charge will excite the fans because he is a new pair of eyes who will make every member of the playing staff prove themselves again.

That is all undermined if he doesn't have the money to go out and spend to replace the players he doesn't want; the fear factor isn't there and it's something of an empty threat.

Yes, he can fund new arrivals with the sales of players but having to wait for departures - in World Cup year no less - in order to bring new blood in is not the proactive approach that a top club needs to take.

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