Money, money, money Odegaard and Ramsdale take Arsenal spending to £125m – but how can they afford it?
►Manager Arteta targeting players under 23 as Kroenkes keep promise of investment following Super League debacle
In the summer of 2007, Arsene Wenger described Arsenal as a club who “make superstars”, rather than buying them. That was a different time for the club, in a different footballing world, but 14 years on they have decided to again pursue a policy of targeting the stars of the future rather than the present. The arrivals of Martin Odegaard from Real Madrid and Aaron Ramsdale from Sheffield United will take the club’s summer spending to about £125million so far.
All of the five new players they have recruited are aged 23 or under. The hope is that Ben White, Albert Sambi Lokonga, Nuno Tavares, Odegaard and Ramsdale will help to form a new core, along with the likes of Kieran Tierney, Bukayo Saka and Emile Smith Rowe, that will evolve and improve over the next three or four years.
“It is a clear indicator, the business that we are doing,” Mikel Arteta said. “The ages are between 21 and 23. It tells you the project that we are building. We have to define a model that can be sustainable in the short, medium and long term.”
The size of Arsenal’s investment in these young players is indicative of Arteta’s faith in his new faces.
This is especially the case for White and Odegaard, who are expected to instantly improve the starting line-up, as well as develop into world-class footballers over the coming years.
The outlays are also a reflection of the club’s trust in Arteta. Make no mistake: these are considerable figures for a team in Arsenal’s rather perilous financial situation.
The club’s latest accounts showed a loss of £47.8million, lest we forget, and in the past year they have made more than 50 redundancies.
And, after finishing eighth last season, there is no European football to bolster the bank account. So, for a club who operate with a selfsustaining model, where is the money coming from?
In part, the spending has been made possible by financial guarantees provided by the club’s owner, Kroenke Sports and Entertainment.
Josh Kroenke, the son of owner Stan, made it clear following the Super League debacle that financial support would be offered.
Similar messages were given to staff on company-wide calls in the spring. There are other factors at play. Arsenal took out a bank loan towards the end of last season, to repay the short-term £120million loan from the Bank of England to help cope with the financial impact of the pandemic.
It is understood the second loan has allowed them to spend more freely than otherwise would have
been possible. The return of fans this season, and therefore the income from season-ticket sales, has also contributed to the club’s spending. There are sales to factor in, too, with Joe Willock joining Newcastle United for £22million and Arsenal desperately hoping to cash in on their fringe players in the remaining days of the window.
The departures of big earners such as Mesut Ozil, Shkodran Mustafi, David Luiz and Sokratis have helped bring down the wage bill. Ozil alone earned about £18million a year.
Arteta said the new transfer policy was designed to bring more “stability” to the club.
Reading between the lines, it is tempting to wonder whether this summer’s outlay constitutes the footballing equivalent of a “big shop”: stocking up on players now, in the belief that they will improve together. This was the pitch Arteta made to White, promising the £50million defender a key role within the new spine of the team.
Arsenal are buying their players for the next three or four years, rather than for the here and now.
Their opponents tomorrow, by contrast, are able to sign readymade superstars.
Romelu Lukaku, all £97.5million of him, is an elite centre-forward. Chelsea’s success at senior and youth level also means there is more interest in their youngsters.
Marc Guehi was sold to Crystal Palace for £20million, for example, while there has been little meaningful interest in Arsenal’s Eddie Nketiah. Arsenal’s focus on younger, promising options is, of course, by design, but there is also an element of necessity.
Without European football, they cannot compete for the same calibre of player as Chelsea, Manchester City, Manchester United and Liverpool. They have to think differently, aim lower and trust themselves to maximise the potential of a new generation.
Last weekend’s grim defeat away by Brentford has already increased the pressure on Arteta, and raised the expectation of the new signings to lead Arsenal forward. It is clear that these players will need time and patience.
How much time, though? And how much patience?
Those questions are the source of so much of the uncertainty that will hang over the Emirates Stadium tomorrow.