Paul Merson has urged Arsenal owner Stan Kroenke to shelve plans to redevelop the Emirates, and use the money to fund two key signings instead.
The Gunners’ hierarchy confirmed their desire to revamp the stadium at a fans’ forum earlier this week.
According to the Telegraph, the north London club are prepared to invest millions into renovating the home they moved into in 2006, including upgrading the big screens and repairing the roof.
However, Merson wants Arsenal to scrap those plans and make the funds available to Mikel Arteta to allow the Gunners boss to pursue Dominic Calvert-Lewin and James Ward-Prowse.
"Arsenal will never be kings of England winning multiple titles again while Stan Kroenke is busy wasting money refurbishing the Emirates," Merson told the Daily Star.
"I still think they’re only one top class striker away from being contenders – but they’ll never stick around at the top long while Kroenke has his eyes elsewhere.
"Go and sign Dominic Calvert-Lewin. Go and get James Ward-Prowse for the midfield. Don’t spend it on the stadium. What a waste. Seriously."
Kroenke recently celebrated Super Bowl success with his American football franchise the LA Rams, and Merson wants the 74-year-old to put the same kind of investment into Arsenal; to allow the club compete in the upper echelons of English football once again.
He added: "We’ve just seen what Kroenke’s done with the LA Rams, building a team to win now – and winning the Super Bowl.
"Compare that to what he’s doing at Arsenal. It just shows you what his intentions are for Arsenal – he doesn’t have any!
"If he wanted to do something big at Arsenal he’d have done it already. Refurbishing the stadium? It’s like having a nice house and doing it up so it doesn’t lose its value.
"Spend your money on players. Calvert-Lewin would make them contenders again. But if you really want to go for it, why stop there?
"They need a really good midfield player. Someone who can spray the ball around. They have all that talent on the wings and nobody switching it to them.
"Martin Odegaard plays one-twos. He’s a tippy-tappy type. Nice and neat. He’s not going to hit 40-yard diagonal balls. That’s one thing they haven’t got.
"They have a good XI. Good young talent improving every day. They just need a little bit more quality and they will be really competitive."
