Arsene Wenger: Why I decided to turn down Real Madrid

Arsene Wenger admits he turned down the chance to manage Real Madrid this summer because he didn't want to become a big spender.

The Arsenal boss was approached by incoming Real president Florentino Perez in May but he rejected the offer of a £6million-a-year contract after holding talks with Gunners chief executive, Ivan Gazidis.

Real have since spent £80m on Cristiano Ronaldo and £59m on Kaka but Wenger is happy to have stayed at Arsenal to continue his philosophy of developing young and cheaper talent.

He said: "What Real want to do is produce what I would call a spectacle of football, a spectacular team. But when it comes to creating a team, there is another dimension that exists.

"I want to have success by building a team with a style, with a know-how, with a culture of play specific to the club and its fans and with young people. That is what I have chosen in my career and want to ensure I continue here at Arsenal.

"I am in a construction project with a young team but my intention is to take that project to the ultimate end. For me, pleasure comes from watching those players showing the football I like to see played.

"The sums we are talking about with Real can appear shocking. But they are the fruit of a calculation carried out by the investors in the club.

"I believe it is necessary to disregard moral judgement and to simply ask whether the operation will be profitable. In my opinion, to recruit more than three players in a transfer window, as Real plan, is taking a technical risk."

Meanwhile, Arsenal have released Amaury Bischoff after he failed to force his way into Wengers' first-team plans.

The Portuguese, whose career has been blighted by injury and illness, joined last summer but made only four substitute appearances and is one of eight youngsters released by the club.