Attracting top players to Arsenal is becoming a “problem”, says Ray Parlour, with the Gunners warned that they are going to have to “gamble” in upcoming windows.
The north London giants have found themselves a long way off the top-four pace in the Premier League this season.
Another year without Champions League football is on the cards, while there are no guarantees that there will be Europa League competition at Emirates Stadium in 2020-21.
Those struggles are making it difficult for the Gunners to compete with domestic and continental rivals on the recruitment front.
Parlour admits as much, with the Arsenal board being urged to take a few calculated risks when it comes to giving Mikel Arteta the support he needs to turn fortunes around.
The former Gunners star told The Sun: “Arteta is the right man to take the club forward and you have to take a gamble to get better players.
“The problem will be attracting the players. They have to sell the club.
“Investment will be very important. To get back into the Champions League, which is massive revenue, it probably takes a bit of a gamble. More quality of players.
“Football is all about money now. To have any chance to break back in the top four you have to spend money.
“It doesn’t always mean buying really expensive players – it’s about the right recruitment. Look at the positions you need.
“Your scouting has to come into their own. And they need the right characters.”
Having major silverware under their belt and the guarantee of European football for next season will aid Arsenal’s efforts in the next window.
They can move a step closer to trophy success when facing Manchester City in the FA Cup semi-finals on Saturday, but Parlour admits they face a tough ask against the holders of that crown.
He added: “Man City are big favourites. You have to catch them on a bad day – and Arsenal must play well.
“I hope Arsenal turn up and give a good account of themselves. Hopefully the players will have that urgency to get into Europe.”