Arsenal’s transfer dealings this summer took them all the way to a few hours after the official deadline, until finally confirming the signing of Raheem Sterling on loan from Chelsea. And thanks to a summer of shrewd business both in and out, they are all set up to go again in January.
The Gunners are in a very strong financial position, at a time rivals are struggling to navigate the Premier League’s Profit and Sustainability Rules (PSR).
Newcastle were forced to consider selling star man Anthony Gordon to Liverpool, and did eventually let promising young talent go in Yankuba Minteh and Elliot Anderson, in a mad dash before the June 30 PSR deadline.
Liverpool bought one player this summer, Federico Chiesa, for just £10million and Manchester City also kept their powder dry, with Savinho’s £21m move from sister club Troyes their only major incoming despite raising £159m through sales.
But Arsenal, even after spending more than £100m to bring in four players including Sterling’s loan, are primed to go again.
Arsenal swooped late in the summer window to sign Raheem Sterling on loan from Chelsea
Even after spending more than £100m on four new players, the club are ready to go again
‘I think they’re in a strong position (compared to their rivals),’ football finance expert Kieran Maguire tells Mail Sport, who says Arsenal have ‘plenty of headroom’ with regards PSR.
‘That gives them flexibility. Come January, if they want to buy a player, they’re not one of those clubs that will be constrained. And they won’t be one of those clubs in June 2025, as we saw at Chelsea, Newcastle, Villa, Everton and Leicester this summer, having to get rid of players because of a genuine danger of breaching PSR.’
It comes after a major fire sale of players on the fringes of the first team. Emile Smith Rowe, a fan favourite, went to Fulham for an initial £27m, Eddie Nketiah headed south of the Thames to Crystal Palace for £30m and goalkeeper Aaron Ramsdale joined Southampton in a deal that could reach £25m.
They were followed out of the door by academy players Mika Biereth (£4m to Sturm Graz), Brooke Norton-Cuffy (£3.5m to Genoa), Reuell Walters (£500,000 to Luton) and Amario Cozier-Duberry (£500,000 to Brighton).
On top of that, former academy star Omari Hutchinson’s £22.5m move from Chelsea to Ipswich netted the Gunners up to another £4.5m in sell-on clauses.
It adds up to a club-record window for sales, with close to £100m brought in.
‘They’ve managed to move on players who realistically would not be part of the starting XI,’ said Maguire. ‘The fees they’ve generated are decent, like Nketiah going for £30m.’
Since Edu’s (centre) arrival, Arsenal have typically earned more money from outgoings
A major fire sale of fringe players helped the club move into a strong financial position
Maguire estimates Arsenal will also make an extra £4m from having an extra home Champions League group phase game this season in the expanded competition, which should help to offset some of the wage rises that came as a result of returning to Europe’s elite competition.
Selling has been an area Arsenal have historically not performed as well as their rivals.
Their record sale remains Alex Oxlade-Chamberlain’s £35m move to Liverpool in 2017. But since Edu’s arrival as technical director in July 2019, before becoming sporting director three years later, the trend has been upward.
Smith Rowe went straight into Arsenal’s top five sales, while Nketiah and Ramsdale could join him if their add-on clauses are met.
It adds to £28m for Alex Iwobi in 2019 and £25m for Joe Willock two years later, a clear sign that Arsenal are cashing in on their best academy talent.
That £100m through the door this summer is a major leap from the likes of 2020-21 (£23m) and 2021-22 (£35m).
Emile Smith Rowe joined Fulham and moved straight onto Arsenal’s list of top five sales
Striker Eddie Nketiah (centre) was offloaded to Crystal Palace in a deal worth around £30m
So the decisions in this window have been thorough and well executed on Edu’s watch.
He has not got everything completely correct, and it should be noted that fans will not always see a stockpiled war chest as a good thing, especially with many calling for a big-name forward to seize their chance of finally knocking Manchester City off their perch.
Arsenal were content without bringing in a forward, having earlier considered Benjamin Sesko and Nico Williams, until Sterling became available late on the final day.
Edu has learnt and grown in the role. His affable nature and effort to connect with everyone at the club, regardless of their seniority, has made a real impression.
The process started five years ago. The nine first-team contract terminations since Arteta took over in December 2019 drew attention. Some of the names, such as Nicolas Pepe (signed for a then-record £72m), Pierre Emerick-Aubameyang (£56m) and Mesut Ozil (£42.5m) were bought for princely sums.
That made the terminations sanctioned by Edu controversial. It is a serious amount of money to dispense with.
Edu made several controversial contract terminations which have paid off down the line
But Maguire believes it was a good move and has helped down the line.
He says: ‘They Arsenal have managed to shift the likes of Aubameyang and Ozil off the wage bill two or three years ago, and that’s given them flexibility.
‘They’re not spending money for the sake of spending money, as we’ve seen at some other clubs.
‘I think it was a logical step to make, and it’s also allowed those players to go and find another employer. People forget they are professional athletes and they want to play at as high a level as they can.’
To Edu and Arsenal’s credit, they have stuck to their guns on asking prices this summer and the strategy has paid off.
Nketiah was strongly linked with a move to Marseille. The French club initially bid £16.8m, before stretching to a final offer of £23m. That was not enough for Arsenal so the club pulled away.
Then Nottingham Forest came in and were willing to meet a price close to £30m, though the terms with Nketiah couldn’t be agreed.
The pressure and criticism from some fans was building around the club.
Yet, Edu refused to relent, resulting in Crystal Palace to seize Nketiah in the final week for £30m after negotiations – the price Arsenal wanted from the start.
Arsenal are understood to see the arrival of talented midfielder Mikel Merino as a big coup
The Gunners also haven’t been a soft touch when it comes academy players who left when their contracts expired this summer. The club have gone to a tribunal to seek compensation fees for Walters, Cozier-Duberry and Chido Obi-Martin, the 16-year-old who shot to prominence last season when he scored 10 goals against Liverpool’s academy and quit the club this summer for Manchester United.
Of the signings in this window, which include £42m defender Riccardo Calafiori and Sterling as well as making David Raya’s loan from Brentford permanent for £27m, Mail Sport understands Arsenal see Mikel Merino as a big coup.
The midfielder was bought for £31.6m from Real Sociedad, and aged 28 is in his prime. Last season in La Liga, Merino won more aerial duels than any other player in Europe’s top seven leagues and made the most tackles in the final third.
So until the window opens again on January 1, Arsenal can look back at a summer window of toil which has paid off big time.