: "At this moment, Arsenal can't attract the top, top players, because players want to go to the better performing teams at this moment in time.
"When you say they've spent a lot of money, they're buying second-tier players, or players with good potential who could become that.
"You should think that the manager's got some input in the players that they're getting.
"But I just think with Arsenal now, they've got themselves in such a rut, they've done a couple of panic buys."
Arsenal have enjoyed a busy transfer window this summer, signing Martin Odegaard, 22, from Real Madrid for £34million.
They've also splashed out £50m on Ben White, 23, £17m on Albert Sambi Lokonga, 21, and £8m on Nuno Tavares, 21.
Arsenal's most criticised bit of business is the signing of Aaron Ramsdale from Sheff Utd, paying £24m for an assumed second choice goalkeeper.
Many fans are calling for manager Mikel Arteta to be sacked following the transfer window and the team's poor start to the season, losing their first two Premier League games to Brentford and Chelsea.
Richards added: "They signed Aubamayeng to his new contract and he's not done much since that, and then it's like everyone's gone forwards and they've stayed still.
"They've been trying to control the finances, and gone out and spent £132million. No disrespect, Ramsdale's had three relegations in his career.
"They're signing for the future, it's almost as if they've conceded they're not going to get world-class players.
"Unfortunately, buying young players is going to cost Arteta his job because he's not going to be able to do the business."
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Fuming Arsenal fans block Arteta's car and demand he 'LEAVE the club' after their worst ever start to a season