Former Arsenal transfer negotiator, Dick Law has lifted the lid on how the club missed out on signing Eden Hazard from Lille.
In an interview with Goal, Law explained that although there were funds available, there was also a risk-reward calculation.
"We had the financial muscle, but the risk reward calculation wasn't clear.
"Spending a lot of money on a player that didn't work out would have really put the club in some financial straits.
"Did we miss out on talents? Certainly. I remember sitting in meetings with Steve, Ivan and Arsene and gnashing our teeth over Thibaut Courtois. We knew he was good.
"Eden Hazard as well, we wanted to do that deal. But there was a sense of responsibility and running the club prudently, all the time knowing that every £1 we spent we had to act as if it was our money. It was very, very difficult," he said.
The Gunners were eventually beaten to the deal by rivals Chelsea in 2012.
Hazard left for Real Madrid this summer, for a transfer fee of up to €130 million.