We spent £75m last summer and £130m the summer before. It's amazing that the "we won't spend money" narrative still persists.

The problem has never been spending money, it’s always been signing the totally wrong players, TOTALLY mismanaging contracts and selling poorly.

People tend to read a lot from what is in fact a rather meagre supply of tea-leaves, that they do.

Yes, you are making an important distinction. And I think you have also pointed to the issue being not so much Stan as Jr. Also, Arteta finding his feet. Hopefully we are starting to get it right now. More Pepes and fewer Willians, and more reliance on the younger players coming though.

Arsenal should be one of the richest clubs in the world. I see people suggest we’re hard up. We shouldn’t be. Arsenal have one of the biggest fan bases in world football. We also have one of the biggest grounds with the highest (as far as I’m aware) ticket prices. We also have one of the wealthiest owners, but that’s not a factor as I believe he won’t spend his own money on it.

But the last thing Arsenal should be is hard up. We should be big spenders.

I'm wondering out loud how lack of European football has affected our transfer targets. I'm guessing they will see it as temporary. Lack of CL football is significant but we have gotten players interested with just Europa Cup football.

But why wouldn't he? Even if he has absolutely no regard for the club (which is an unknown), he is a business man. As you note, we are a huge club (Arsenal shirts are almost as popular as any other around here, for example), our stadium is one of the best located stadiums in the world, etc. But our brand will diminish quickly if we don't do something fairly soon to attract new fans in markets like the US, China, India, etc.

I think we are looking like a very good investment at the moment. Furthermore it is a bit of a buyers market transfer wise. If I was an owner, I would feel that Arteta is worth taking a punt on.

Whether or not it's temporary is the big question. That is not an independent variable. It is absolutely up to us to make the necessary investment. The return would be huge, although the risk is pretty big considering how intense the competition for CL places is in the EPL.

But Kronke is getting a good return on his investment by just sitting back and doing nothing. He’s got plenty of other business and sports interests so perhaps he sees Arsenal as the steady one that ticks over, why go for even more riches when it could also mean losing.

The really hard thing with the Prem is toppling one of Man U, City, Chelsea or Liverpool to get back in the Champions League.
We’ve had good seasons and got 70+ points and still finished 5th.
In theory Liverpool are the easiest to catch because they are where they are down to incredibly smart transfer business and a top class coach, to maintain both of those things over a long time is tough. The other 3 have so much money they don’t really even need to be particularly smart with their business or have the best coach to still finish top 4. They may have the odd very poor season when we certainly need to capitalise but then another few hundred million and a new manager have proven to correct that pretty quickly.

Pogba has only 1 year left on his deal, it would be quite funny if he sat it out and moved for free next year, so Man U will have lost a player they paid £80m for for free twice!

I believe the value of kroenkes shareholding has increased in value something like 70 million per annum since his involvement in Arsenal. Don’t quote me on that I’m no Swiss ramble but I think that’s correct. It’s a good little earner for him.

If his priority is his investment whilst that amount is impressive I don’t think we will see him putting his hand in his pocket to fund the building of the team much due to the inflation of modern transfer pricing. Once in a blue moon it might make sense for him to sign a lower value player if it helps things tick along with his relationship with the fans and to preserve the value of his shareholding

His biggest problem is actually the fans of the club who see that he does nothing for his 70 million profit per year now.

The thing is Arteta has a good record in games againest the 4 sides you mentioned. If we can get more consistent in games where we should be winning easily then we are on a good track. Despite all the criticism he seems to be a good tactical big game manager. We aren’t getting bullied in those games anymore

We are big spenders. That is my point. Only Man Utd and Man City routinely spend more these days.

I believe Arsenal missed a golden opportunity years ago when we were one of the richest clubs (cash wise) in the world.
I remember articles about our bank balance being the envy of football yet we were always a few players short to make us serious title contenders. Rather than spend when we had a clear competitive financial advantage we foolishly waited until the Premier League super-duper-mega TV contract kicked in. Surprise surpise, player prices went up as did everyone elses ability to buy them and we lost our financial advantage. Today, I think we are in a situation where the obscene wealth of the Kroenkes gives them a perfect opportunity to fund a rebuild of the team in a clearly covid-depressed football market. Lets hope they take it.

I think the money the Kroenke's have spent should have been enough if they also hadn't simultaneously mismanaged us. We all know the hundreds of millions we have literally given away in wages and allowing players to leave for free.

Have to add Chelsea to that. Even considering they had an entire summer where they couldn't sign anyone they are close to Arsenal in net spend, and in terms of just expenditure they are way ahead of us. Even Aston Villa are ahead of us in net spend over the last five years, and Everton are close.

That's my point. If he's a half decent business man (and he clearly is) he will understand that the fan is ultimately at the base of the revenue flow. Ultimately it is about eyes on screens, bums in seats, and punters buying merchandise.

Watching journeyman players get us to 7th or 8th in the league, is just not going to cut it for the kid in Soweto, LA, Beijing or Delhi, trying to decide which club to support. Hook those kids, and you've got your hand in their pockets for life. Furthermore, you save that kid from the peril of potentially becoming a Spud's supporter.

As Bored notes, we missed a huge opportunity after 2004, when were were surely marketing gold. I did admire Wenger's principles, but it very clear in retrospect that 'growing ones own' is unrealistic and needs to be complemented by a transfer policy that targeted squad holes and world class players to take us to the next level.

I doubt that Kroenke hasn't heeded that lesson. Perhaps he is just a vulture capitalist (or maybe he does feel that breaking into the top four is unrealistic) who want to milk us as we decline.

I'm not convinced. Unfortunately we will just have to wait and see.

Few reports emerging of the breakdown of Ben White's fee. £30m upfront, and £10m in each of the next two seasons with a further £5m in performance related add ons

Agreed, because it gradually went from '1 more top class player' to 2, then 3 then 5 then half a squad!

There is meant to be a behind closed doors friendly with Watford today

I remember the day when Arsenal comfortably had the biggest fan base in London. We were third nationally behind Manchester United and Liverpool. Every estimate of worldwide fan base I see these days puts Chelsea ahead of us. It’s happened since Abramovich took over, for the reason you highlight in your second paragraph above.

What you say in your first paragraph above is correct. Kroenke is a good businessman; you don’t get that rich without being so. As you imply, he will also realise that fan base size is central to the club’s future prosperity.

Sadly, I wonder if that supports the suspicions you state in your penultimate paragraph above. Maybe he is a ‘vulture capitalist’, to use your terminology? If you’re not convinced either way, I would go a bit further as I can’t see anything that suggests he isn’t.

Well said!

I watched the highlights from our 2017 FA Cup win against Chelsea yesterday, and was once again struck by just how weird Mertesacker's performance in that match was. He'd only played 37 minutes of football that entire season, but put in a man of the match performance in the final. Truly remarkable.

That got me thinking, and Mertesacker might be the most underrated Arsenal player during my time following the club. He divided opinion among Arsenal fan, and never seemed to get any credit from outside the club, but he was a great defender in my book. Not world class, but a true leader at the back, with that rare ability to make the whole defense better, raising the performance of every centre back he was paired with. Mertesacker in his peak would go straight into our current starting eleven in my opinion, and I'd have him over someone like Harry Maguire any day of the week.

There are a few other candidates for the title of most underrated Arsenal player since the mid-90's. Petit was probably underrated outside of Arsenal during his time here, but in retrospect I feel he now gets the credit he deserves from pundits and fans of other teams. I feel like Ramsey was always underrated by our own fans. Nacho Monreal had a few seasons where he flew under the radar as one of the leagues most solid full backs.

Who is the most underrated Arsenal player you've seen?

Paul Davis, Steve Williams, Anders Limpar in no particular order

Per's performance in that match was astonishing. Right up there with the great "famous back 5" at their best.

I think Romford Pele is massively underrated. Was huge for us in that 1998 midfield alongside Vieira, Petit and Overmars. Deceptively quick, good passer, great shot on him. Could play right side or central. Often portrayed (not least by himself) as the court jester but there was lot more to him than that.

Peter Simpson - a great central defender, who played in an era when England had too many of them for him to get capped. He was also versatile - in the 1966/67 season he played in six positions, leading one journalist to call him "Odd Job Simpson". Fourteen years at our club - a legend in my eyes.

Some of the underrated players probably tend to have been part of very successful teams but were overshadowed by true superstars of the game, but only with time and context of weaker teams you realise how good they were.

So lets assume the Ben White deal is done we'll have a right sided CB, a back up LB and a centre mid all bought in. If no-one leaves then the only positions we would need anyone is back up GK and a creative midfielder as the numbers aren't right in those 2 positions let alone the quality. On the assumption that Xhaka will leave then we will also need another central midfielder to partner Partey, with Lokonga and Elneny being the back ups.

Then looking at other departures there are two categories, players we just need to shift off the books even if it is for free, and players who we can sell to facilitate further incomings.

Players who we really need to get rid of would be Kolasinac, Willian and Runnarson
Players who could be sold without the need of buying a replacement would be: Bellerin, Nketiah, Nelson, Willock, AMN, Torreira (my view is we should get an average of £15m per man for each of these - that would offset the White, Lokonga, Tavares signings with £10m profit)
I'd like a new right back if Bellerin went but we'd still have Chambers and Cédric on the books. (There was talk of a loan for Cédric - which if he and Bellerin went and a new RB came in would be ideal for me)

Still plenty of work to do and I expect us to be busy right until the last day

Sagna. Superbly consistent fullback. He had Walcott in front of him half the time so was effectively marshaling that right hand side of the pitch on his own.

Also, in a strange way, David O'Leary. Our record appearance holder and an absolutely first class defender but really doesn't get mentioned that much when we are talking about past greats.

Friendly v Watford. Leno, Tavares, Lokonga, Willian, Nelson, Nketiah, Aubameyang all start. Not seen the rest of the team.

Good shout. Not much about him stood out apart from his hair, but he was remarkably solid and consistent during seven years at the club. Great in the air for a guy who was just 5ft9 as well.

Yep, it was just the average Arsenal big-match scenario, with three of your first-choice centre-backs out: Koscielny suspended, and Mustafi and Old Gabriel injured. What could go wrong? That's a great question, Haz, but more specifically, as a one-off, back-from-the-dead (or treatment room) appearance, can anyone think of a more staggeringly amazing performance (ever? going back to the LTG and Hoy Georgian era?) for Arsenal than Mertesacker's that day? I'm struggling.

It’s not understated but Tony Adams served 58 days in Chelmsford Prison in the same season we won the title right ? Not sure if that would even be possible these days. That’s literally back from the dead.

As a one off appearances Paul Davis performance in Copenhagen was Impressive as I think he was 34 or 35 and clearly well past his best but dealt with the midfield onslaught very well.

I also recall a final or semi final where we had to play David Oleary at right back of all places when he again was well past his best and everyone was sh1%%&ng themselves about the prospect and he put in a spectacular performance I vaguely recall. ( might be Sheffield Wednesday league cup)

Fabrizio Romano tweeting that Ben White is a done deal 100%.

I think O’Leary is seen as a truly great central defender, so am surprised you mention him.

I would agree with every word OMOH says about Simpson. He, McLintock and O’Leary may not get into my best ever Arsenal team, but they are serious competition for Keown for a place on the sub’s bench (Campbell and Adams are my first two). I’m not sure many people see McLintock and Simpson as that, but to be honest dec, I think O’Leary is.

Has Ornstein? If not, perhaps it’ll be confirmed on Arsenal.com tomorrow as he normally gets things right on the day.

I don't want to jinx it but we may have come away from that server move unscathed.

I've just optimised the PHP tables. I believe things should be faster now.

Rog ...

Nice one Rog