Gary Neville believes Arsenal’s performances on the pitch are a bigger concern than their transfer business.

Arsenal made the second largest profit of the 20 Premier League clubs during the window, netting £17 million after spending £48.8m but bringing in £65.7m.

Only their refusal to sell Alexis Sanchez to Manchester City for £60m stopped them from making even more money although they would have ended up in the red had they managed to sign Monaco’s Thomas Lemar for £92m.

The Gunners ultimately failed to add to their squad on an otherwise frantic end to the transfer window, but Neville says the lack of new arrivals is the least of manager Arsene Wenger’s worries.

“If you said after the FA Cup final that they’d keep Alexis Sanchez and Mesut Ozil, got Alexandre Lacazette, strengthened their defence and got £40 million for Alex Oxlade-Chamberlain, then you’d have said they’d had a good window,” he told Sky Sports.

“Unfortunately, their performance against Liverpool has changed the perception of what Arsenal are about. That’s a big problem.

“There was five or six players that day that I couldn’t stand watching. It defied logic. The lack of personal pride and standards.”