Former Arsenal midfielder Paul Merson says the club are cheating their fans after a lack of activity in the transfer window, insisting that they should have made a big bid for Real Madrid striker Karim Benzema.

But the Gunners ultimately failed to convince Benzema to leave Real Madrid, much to the frustration of Merson, who believes that the lack of ambition shown in the market is not acceptable.

"If you're an Arsenal season ticket holder, you're paying top dollar," Merson told Sky Sports. 

"It's their money. It's the fans' money. It's not Arsene Wenger's money. It's not the club's money. It's the fans' money that they've paid to buy players.

"The whole idea of going to this big stadium that holds 60,000 people was to bring in top quality players. I don't know [why Arsenal aren't spending the money].

"Just put in a bid for Benzema. £75 million. If Real Madrid turn around and say: 'We're not selling him,' you can't argue with that. You've put in a bid and if they turn it down or the lad doesn't want to come, that's the way it goes. But show something.

"It cheats the fans. The fans think 'what are we coming for? We turn up every week, we pay the highest prices and what for? Top four? We might get a day out at Wembley again in the FA Cup. Wow-wee."