Arsenal’s biggest ever investment was completely undermined by what Manchester City did
In 2006, Arsenal left Highbury in what was one of the most ambitious decisions in the club’s history.
Supporters who had grown up on its terraces were understandably sad to leave such a beloved stadium that was steeped in a century of history. But from a commercial perspective, it was the right time to move on.
A 38,000-seat ground simply couldn’t generate the revenue Arsenal needed to compete with Europe’s financial elite. Arsene Wenger and David Dein believed the Emirates — a 60,000-seater with state-of-the-art facilities and huge commercial potential — was the answer.
Arsenal would accept a decade of financial constraint and were forced to sell their best players and replacing them with cheaper, less credible players as they managed huge debts. They would suffer in the short term, but in the long term, with the extra revenue, they would eventually be in a position to compete with anyone.
It was an ambitious vision executed entirely within the rules. But two years later, Manchester City were taken over by Abu Dhabi United Group, and everything Arsenal had planned for began to unravel.
Arsenal were playing by rules that Man City were breaking
The years that followed were painful for Arsenal fans in a way that is difficult to fully articulate. Their two best players during this period — Cesc Fabregas and Robin van Persie — left in successive summers. And Emmanuel Adebayor, Kolo Toure, Gael Clichy, Samir Nasri and Bacary Sagna all left to join Manchester City.
These were all players Wenger had found, developed and in some cases transformed into Premier League stars. But the wages and fees City were offering Arsenal simply couldn’t control.
The Gunners were operating within the constraints of their Emirates investment, constraining the wage budget while being forced to sell those players to a club now found guilty of breaching Premier League financial regulations throughout that same period.
The season they sold Fabregas and Nasri the same summer window, in 2010-11, Arsenal finished fourth. City won the title on goal difference thanks to Sergio Aguero’s goal in the 94th minute against QPR. Obviously, that’s a moment we all know as it’s celebrated as one of football’s most iconic dramas. It looks a little different now, though, doesn’t it?
The following season Arsenal finished fourth again, 19 points behind City. Wenger was being booed by sections of his own support and “Wenger Out” was appearing on banners.
But all the while, Arsenal were doing exactly what they had committed to doing. Managing the debt. Developing young players. Competing within their means. Trusting that the Emirates investment would eventually pay off. They were playing by the rules. But it turns out not everyone else was.
Of course, now, the Emirates is an asset, and Arsenal’s revenue has grown exponentially — to record-breaking levels, even. Despite having their doubters, the Kroenkes have invested, and the title was won last season properly, fairly, on merit. But for well over a decade Arsenal were suffering, and it coincided almost perfectly with City’s misconduct.