The Financial Impact of Arsenal's Transfer Spending under Mikel Arteta: Is it Paying Off?
Gunners have spent a shed-load of cash and the spending won't stop this summer
Arsenal missed out on the Premier League title by five points in 2023-24. Although they didn’t suffer the heartbreak that befell Liverpool the season before by missing out on the title on the final day, the Gunners still experienced plenty of grief.
Arsenal have not won the Premier League since 2003-04, the season of the Invincibles. The Gunners were close to winning the title last term and plenty of non-supporters hoped Mikel Arteta’s team would end Manchester City’s title-winning dynasty.
Being unable to defeat Man City in two league attempts and going on two winless streaks in the second half of the season ended Arsenal’s chances of lifting the league title. The Londoners were on top of the league from matchday No 3 to matchday No 34 before being dumped from the position by Man City.
The Gunners have been busy in the transfer market already, as Arteta prepares for another assault on the title. Arteta lured forward Kai Havertz to the Emirates from Chelsea for £65 million, as he added yet another attacking midfielder rather than a No 9.
The Gunners are still in talks with West Ham over the signing of midfielder Declan Rice. Reports continue to claim Arsenal are nearly ready to announce the £105m capture of the England international. By the time you read this, Rice could be an Arsenal player.
Along with Havertz and Rice, Arsenal have landed Ajax centre-back Jurrien Timber. The defender will arrive in a deal worth £38.5m. The trio of players will set Arsenal back £208.5m, but Arteta isn’t done. He wants to add more players to strengthen the squad.
For years, there have been a fair few pundits claiming Arsenal do not shop in the same player pools as Manchester City, Manchester United, and Liverpool. Claims of the Gunners lacking the same funds as their rivals have been made more than once.
These views are absolutely ridiculous and despite the players Arsenal purchased in past transfer windows not working out, they still shopped in the same realms as their rivals.
Arsenal’s splurge on Havertz, Rice, and Timber is nothing new. The Gunners have bought a variety of players that promised plenty and failed to deliver anything. What sets Manchester City and Liverpool apart from Arsenal — and Manchester United — is their abilities to scout and analyse players. Sure, both the Cityzens and Reds have had flops, but their recruitment departments have ensured there are more gems than lemons.
Arsenal struggled before Arsene Wenger’s departure in the transfer market. Wenger wanted to build teams on a shoestring budget and to prove his managerial methods were the best in football. He had to contend with the club’s building of the Emirates and any financial stress that building a new stadium in London put on the club. But Wenger wasn’t willing to shell out the money his rivals were. This set Arsenal back, forcing subsequent managers to spend on players.
Unai Emery had no issue splashing the cash. The Spaniard, now at Aston Villa, spent just 18 months at Arsenal, signing 12 players. Emery signed:
Denis Suarez - on loan
Stephan Lichtsteiner - free transfer
Sokratis - £18m
Lucas Torreira - £27m
Dani Ceballos - on loan
Matteo Guendouzi - £8m
David Luiz - £8m
Nicolas Pepe - £72m
Bernd Leno - £22.5m
Kieran Tierney - £25m
William Saliba - £27m
Gabriel Martinelli - £6m
It is safe to say that just two of those 12 players worked out for Arsenal. The biggest flop of them is Pepe, whose £72m price tag becomes even more glaring with every season he remains at the Emirates. Pepe was on loan at Nice last season, and Arsenal are desperate for a Saudi Arabian club to sign him.
Arsenal spent approximately £213.5m on transfers in 18 months with Emery as manager. Once again, they have had the money to spend just like Man City and Liverpool. But the proof is in the pudding. Ten out of 12 transfers did not work out.
Arteta took over for Emery in December 2019. Like Emery, he hasn’t been shy about opening the chequebook. This summer alone will see Arteta sign £208.5m worth of talent.
Arteta’s first two transfer windows were modest, but he has increased the spending since then. Arteta has signed:
Pablo Mari - £12m
Runar Alex Runarsson - £1.5m
Thomas Partey - £45m
Gabriel Magalhaes - £23m
Aaron Ramsdale - £23m
Takehiro Tomiyasu - £16m
Ben White - £50m
Nuno Tavares - £6.5m
Albert Sambi Lokonga - £16m
Martin Odegaard - £32m
Auston Trusty - £1.3m
Fabio Viera - £29.9m
Marquinhos - £3m
Matt Turner - £5.7m
Gabriel Jesus - £45m
Oleksandr Zinchenko - £30m
Leandro Trossard - £21m
Jakub Kiwior - £17.6m
Jorginho - £12m
Arteta’s pre-summer 2023 spending comes to approximately £390.5m (this figure is based on the numbers from sources). Adding this summer’s spend to the total number brings Arteta’s spending to a grand total of £599m.
According to The Athletic, Arsenal have no reason to fear FFP. For the time being, the only thing Arsenal need to fear is failure following another massive spend in the transfer market.
The amount of money spent by Arsenal shows they shop in the same places for players as their Premier League title rivals. However, several of the players the Gunners spent big money on failed to make a positive impact on the pitch.
Arteta’s buys have been better than the ones during Emery’s time. But the jury is still out on a few of his purchases.