London, Dec. 19 (ANI): Arsenal boss Arsene Wenger insists that the global economic crisis has finally hit the Premier League, and its after effects would show in the form of the quietest-ever January transfer window, with few teams willing - or able - to spend big.

"In the 13 years I have been in England, the situation is the worst. It is 10 times worse than when I first came here. Many clubs are struggling. It is difficult and, for the first time at games, I am seeing empty seats," The Sun quoted Wenger, as saying.

"I hope no clubs go. At the moment, people are hoping for rich owners to come in, like at Chelsea. But now the amount of money needed is higher and the amount of debt is bigger."

"The problem with debt is eventually someone wants the money back. Generally, it won't be a busy January. We have been in dreamland but now it is time for a wake-up call," he added.

"Arsenal is in a strong financial situation and we are very proud of that. But when we make £1, we do not spend £2."

Wenger, whose team face Hull today, said he is hoping for an improved result compared to the 2-1 home defeat by Hull in September last year.

"The players thought they could not win the league. It was the start of a bad period and now we are at the start of as good a period," he said.

"You would possibly have expected us to get a point at Liverpool and win at Burnley but the main thing is we have not lost any ground on our opponents. We have even gained some on some of them." (ANI)