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Arsenal great and former academy chief Liam Brady believes Mikel Arteta deserves greater control in the transfer market.
But Brady feels there is no money to strengthen next month, while boss Arteta has wrestled back some control over signings.
Speaking on the Keys and Gray podcast, he said: “(Raul) Sanllehi did buy the players. Arteta has much more say now.
“When he came in, the model was that he would just coach the players. But he did well in his first few months and the team looked more organised. And I think they decided this is someone they can trust to buy the players.
“Thomas Partey from Atletico is his big signing and that’s fair enough. But I do question why he went along with the Willian deal. I don’t think that’s helped his position.
“However, apart from Partey, he’s not really had a go in the market.
“To be honest, I don’t know where we go as we have wasted all this money. Liverpool hadn’t won the league for years, they hadn’t challenged.
“When Jurgen Klopp took over, he had Philippe Coutinho to sell for £140m. He could then go and buy Virgil Van Dijk and Alisson – there’s not a situation like that at Arsenal.
“It needs a major change. It’s going to take at least a couple of years to do it. I just hope Arteta can show he has the ability to turn it around.
“I think the kids are up to it. With the likes of Bukayo Saka and Martinelli, they have the ability and character to pull us clear. My worries lie with the seniors.
“Six or eight need to go. Granit Xhaka, Dani Ceballos, Sokratis, Shkodran Mustafi, Pepe, Willian, David Luiz – I could probably name another three if I had the squad to hand.
“And I don’t blame Arteta over Ozil. He gave Ozil plenty of chances and he performed for a couple of months. As did a few others who had question marks hanging over them. Luiz looked better. Xhaka looked better.
“But Ozil just reverted back to type. He’s not a good guy in the dressing room, he’s not a good guy on the pitch. I have no problem with Mikel bombing him, none.
“(Ivan) Gazidis should have let him go on a free three years ago and we should have spent what we are paying him over three years, £50m? – that we could have invested in a good young player instead of having him around the place.”