In three of the four summer transfer windows since Mikel Arteta was appointed as Arsenal manager, more than £100million has been spent. In the other, Arsenal splashed out with £50million on Thomas Partey and £25million to buy Gabriel Magalhaes, two statement deals.
The focus has changed since, moving first towards even younger players to energise the squad. Last summer it shifted again to filling gaps with Mikel Merino arriving and David Raya's loan made permanent.
The spending has been justified. Arsenal are set for a third consecutive second-place finish in the Premier League and will almost certainly be playing in the Champions League once more next season. They went further in the Carabao Cup than in previous years and the European adventure has not yet finished either.
Arteta's squad has been transformed. From a rag-tag, disorganised bunch with senior players being far too powerful and not warranting their fees or wages, to a hungry group now attempting to take the final step in winning major silverware, Arsenal are among the elite in every sense.
They can attract world-class players, pay for them, and have the draw of one of the best coaches around. The Emirates Stadium has a much-improved atmosphere, and the academy is bearing fruit.
This summer is a big one, though. Arsenal know they need to change things up again to improve. A new striker is non-negotiable, so is an upgrade in quality and depth out wide. The midfield will have a hole in it when Partey and Jorginho depart, whilst Raya is the only senior goalkeeper on the books permanently.
This all comes at a large cost, especially when shopping at the top end. Clubs are aware of Arsenal's plans too. The good news is that Arsenal do not have too much to worry about.
In a new weekly series from football.london, the club's accounts will be put under the microscope. Here, we lay out the current landscape at Arsenal and explain how the financial position sits right now with a view to the summer transfer window.
Unlike some of their rivals, cash is not at a premium. In a time with more attention placed on financial rules than ever before - the Premier League's profitability and sustainability regulations have left clubs more eager than ever to comply - the threat of sporting punishments still looms large.
Arsenal's return to the Champions League has helped to boost their revenues, though, as has the demand from supporters to attend games at home. Matches sell out regardless of opposition now and there have been an extra two Champions League group games, drawing in more money.
A strong league phase performance also helps. UEFA offers substantial rewards for winning matches which benefits Arsenal. Their progress through the tournament is already worth more than £45million, and that is only rising. This on-field success only aids the club and their short, medium, and long-term plans.
The broadcast deal and UEFA co-efficient 'value pillar' also mean additional money for their work so far. The overall total is in advance of £111million. That is more than they received last year with the potential to go up even more.
Last summer's player sales were another particular highlight. Arsenal generated more than £50million from Emile Smith Rowe and Eddie Nketiah. Both are academy graduates so go into the books as 'pure profit' as there is no transfer fee to amortise. Effectively, they are nothing but net wins in the market.
The last set of accounts, for 2023/24, also give an indication of where the club stands. Wages for the squad did go up, outpacing revenue growth, but it is due to positive performance rather than overambition or misplaced spending. Player bonuses for being in the Champions League are now being paid out and will be again this season, it is a cost associated with being a major club and is a privilege, if anything, rather than a problem.
The 32 per cent revenue jump is a good thing away from that and matters are trending in the right direction. When Jorginho and Partey leave that will create room in the wages for other high earners.
Thomas Partey has pulled out of international duty with Ghana and will remain with Arsenal
Thomas Partey is expected to leave in the summer, along with Jorginho (Image: David Price/Arsenal FC via Getty Images)
Arsenal are also in fine shape with concern to UEFA's squad cost ratio - their new form of financial control which allows spending up to 70 per cent of their revenue on wages, transfer fees, and agent prices from 2025/26. Teams can spend 80 per cent this season before it is reduced again next term.
In short, despite Arsenal spending more on players in recent years, their losses have actually decreased from £52million to £17million. That is without the sales of Nketiah and Smith Rowe being accounted for, too, giving even more headroom this year.
That is without even considering those who could be sold this summer as well. Arsenal do need to bolster and flesh out Arteta's squad but Oleksandr Zinchenko, Leandro Trossard, and Takehiro Tomiyasu will all enter their final 12 months contracted at the club and could leave. Gabriel Jesus' place is no-longer clear, although injury makes an exit unlikely. Kieran Tierney will leave for free.
This group will have to be replaced but will also raise yet more funds. This all points towards an extremely healthy financial picture which is only getting stronger.
Hale End graduates have started to emerge into the first-team picture as genuine starters or rotation options, which helps to save money and allows it to be put towards deals elsewhere. Relying on player trading is still a much harder thing to do in the long run.
Arsenal do not have an endless set of senior-ready players to bring through or sell just yet. Those who have gone took years of development and faith. Folarin Balogun was one of the best young strikers around when he came through and earned the club £25million but players like him do not grow on trees.
If there is to be a warning here then it is this. Arsenal cannot rely on player trading to offset their spending. That has not been the method of late, though, and Champions League success as well as commercial improvements have been just as valuable and are more sustainable at the moment.
The challenge for Arsenal is maintaining this and improving on the pitch alongside it. That is a much tougher step to take but is ultimately where Arteta now stands. He has played a big role in getting the club into this strong financial spot and will now seek to utilise that in advancing again.
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Arsenal Manager Mikel Arteta, Bukayo Saka, Martin Odegaard and Gabriel Jesus with the Arsenal Therapy Dog Win during the Arsenal Men's team group shoot at London Colney on September 18, 2023
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