That's according to a Financial Fair Play expert, who claims there WERE funds available for Mikel Arteta last month.
Arsenal could have spent money on a striker in January, according to an FFP expert
The Gunners were strongly linked with Brentford star Ivan Toney
Arsenal are hoping to go one step further than last season and top the table for the first time since 2004.
But without an established goal scorer, they are currently five points off leaders Liverpool.
Arsenal were strongly linked with a mega-money move for Brentford's Ivan Toney this winter.
Napoli star Victor Osimhen was another ace on Arteta's list.
And Arsenal also retained an interest in Juventus' Dusan Vlahovic.
Yet the Gunners ended up empty-handed due to reported FFP restrictions.
However, financial expert Stefan Borson insists this was not the case.
Appearing on talkSPORT, he declared that Arsenal's owners could have invested in more equity.
Napoli's Victor Osimhen is on Arsenal's list
The Gunners are still interested in Juventus ace Dusan Vlahovic
That would have taken their spending limit from £15m to £105m.
And those sums would have allowed Arsenal to capture any striker of their choice.
Borson explained: "You have a combination of teams who have chosen not to spend, so that's teams like Arsenal.
"Because Arsenal could have spent if they wanted.
"If they were to invest in the necessary equity, they could push their limit up to the £105m from the £15m that it is now.
"But they opted to stay out of the market. It's always very, very hard to calculate the exact amount (they could have spent.)
"Certainly tens of millions pounds on a player - they could have bought the striker that everybody thinks they need.
"If they would have chosen to, it would have required the owners to have put in a very considerable amount of equity.
"They would have had to put their hands in their pockets, and ultimately, I think in line with most in the game around Europe, there is a limit.
"And people are saying, 'Actually, I don't want to do it anymore."
The window was one of the most frugal on record, with just £97million spent and even clubs in Ligue Un splashing more cash.
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