It must have been a couple of weeks after last season was over when I first saw the rumour that Arsenal would only have a transfer fund of £10 million pounds available to strengthen the squad.

Jermaine Pennant - Time to deliver
The press, in their own inimitable backhanded fashion, were basically saying that with that sort of funding allegedly at our disposal, we would not be able to compete with that lot from Old Trafford if push come to shove in the transfer market.

For weeks the press banged on and on about us having this limited amount to spend and for weeks I treated all the innuendos that the press were offering up with a mixture of disdain and indifference.

“How did the press know what resources the Gunners have got?” I thought. After all, the club have always had a tradition of not speculating on transfers so I couldn't exactly see the club coming out and telling the world exactly what they had to spend on transfers.

Yet, as the weeks continued to go by, new signings at Arsenal were conspicuous by their absence and all of a sudden I began to realise that our supposed war chest was, if anything, considerably less than £10 million and not anywhere near what I thought it was in my mind.