The Gunners director claimed that the north London side have £200 in the kitty which has given manager Arsene Wenger license to sign any player in the world.
Speaking to the Daily Mail, Lord Harris revealed that the FA Cup holders have recovered financially from the massive costs of building The Emirates Stadium, which has freed up funds for new players.
“Money was tight when we moved to the Emirates but it’s a lot freer now,” Lord Harris told the Daily Mail.
“We could go into the market and probably buy any player in the world, apart from half a dozen who are unbuyable. In the accounts, there’s over £200million in the bank. You could say to Arsene we’ve got no money and he wouldn’t worry, or you could give him £100m and he might not spend it.”
Former Manchester United defender Neville questioned whether Lord Harris should be making the above statement in an interview with the British media.
Neville wrote on BreatheSport: “I just don’t understand why any club would make this statement.”
He added: “Like buying a house and walking in saying I love it, want it and I’m rich.”
When Sunday Times journalist David Conn suggested that Lord Harris lacked experience in the media, Neville replied:
“Agreed. Bet he’s being kicked under the table by AW [Arsene Wenger] and the board.”
Arsenal have signed Petr Cech in an £11m deal from Premier League champions Chelsea this summer.
The Gunner didn’t, however, follow through on their reported interest in Raheem Sterling, who swapped Liverpool for Manchester City in a £49m deal.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news