Arsenal manager Unai Emery could be forced to sit out of the January transfer window after the club's recent moves took their annual wage bill in excess of £200m, according to reports.
The Gunners have seen a number of high profile players arrive in north London over the last 12 months, with the signings of Pierre-Emerick Aubameyang and Henrikh Mkhitaryan, as well as Mesut Özil's contract extension, taking their wage bill to a club record high.
The club are now also looking to tie Aaron Ramsey down to a new contract before losing the midfielder on a free transfer becomes a possibility next year, something which will negate the wages that could be freed up if players leave before the European transfer window closes this summer.
As a result of Arsenal's activity in the transfer market, a report from the Telegraph claims that there will be no big-name players arriving at Emirates Stadium at least until their new commercial deals come into effect next year.
Arsenal have two types of player:— First Class Gooner (@Sanjay_AFC) August 14, 2018
1) Star player we struggle to hold on to... Either lose them for cheap or put them on a massive contract killing their motivation.
2) Garbage on high wages. Offload at any cost & swallow the financial hit.
What sort of business model is this?
The north London side will be swapping their current kit manufacturer Puma in favour of returning to adidas - something which has mostly gone down well for supporters.
The new deal with adidas is said to be worth over £20m a season for Arsenal, while combined with main kit sponsor Emirates and sleeve sponsor Visit Rwanda, the Gunners could see a total of £40m injected into the club each year.
Until these deals come into effect and without selling any of the club's highest earners, however, it looks likely that new manager Emery will be forced to miss out on a number of mid-season transfer targets.