Arsenal were not so long ago a club fabled for their footballing prowess. The era of the ‘Invincibles’ marked a period of footballing dominance by the Premier League club, whose constant ability to showcase an enviable brand of football marked them out as the kings of the English game. So where has it all gone wrong for the North Londoners?

Of late the only real success that Arsenal has achieved is the title of ripping off their fans for the most amount of money. A contest that they narrowly edge over their North London rivals. I doubt however this is the kind of achievement Arsenal fans will celebrate avidly. Fans are subjected to extortionate ticket prices and merchandising costs without the club backing this up with on-pitch investment. In an era where fans are increasingly hard pressed to afford match day tickets, why are the board so content to pocket the revenues?

As Arsenal have slipped as a footballing institution, their financial muscle has reached unprecedented levels. Forbes' revised 2013 table of most valuable clubs places Arsenal 4^th globally, and second in terms of English sides behind Manchester United. Is this an achievement worth celebrating? In the modern game where Oligarchs are all too happy to throw large sums of money at teams with no interest in a return, the Arsenal model should be in some ways applauded. Arsenal represents a minority of clubs who are on solid financial grounding and live within their means. With the advent of FFP this tact could well be rewarded in the near future, but I fear the attitude of those in charge at Arsenal will have to change if they want a return to the glory days.

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The problem for those in charge at Arsenal is the realisation that football is like no other business. What may be a sound move within the confines of Wall St, will subject you to the ire of the fans in the footballing world. Fans have made such an emotional investment in their respective team that any financially guided decision will always come under heavy scrutiny.

This summer there has been continued focus on building brand Arsenal rather than improving the first team squad. The recent tour to Asia was a prime example, with a definite onus on a specific charm offensive to capture a share of the growing Asian footballing market. Of course this makes perfect financial sense, with a number of other big name sides following a similar strategy of late.

The difference is that teams like Chelsea and Manchester United that follow a similar marketing strategy build a two-way relationship with fans. Yes they look to build their brand and to a lesser extent extort money from their fans but they also repay them with ambitious on field investment. I reckon Arsenal fans would be a lot happier paying £65 for a seat knowing that a Gonzalo Higuain or Luis Suarez will be lining up for the Gunners.

This philosophy isn’t a new one for Arsenal. The last 20 or so years has seen the club aiming to balance their books consistently. Signing a Pires or Wiltord always necessitated the likes of a Marc Overmars going the over way. In the early 21^st century this strategy proved fruitful, but in the modern game it just seeks to convey a lack of on pitch ambition. Do Arsenal fans get value for their £95m match day investment?

Profit in a business sense is greeted with celebration, in football it just smacks of management lacking ambition.  Pre tax profits last year reached £37m thanks in part to the sales of Fabregas, Clichy and Nasri. Yes granted the club spent some of this on new names like Santi Cazorla, but a large sum was banked as part of Stan Kroenke’s ‘self sustaining’ model.

So will this financial focus change now the new stadium has been built and finances appear more stable? Ivan Gazidis had the following to say on the matter:

‘This year we are beginning to see something we have been planning for some time - the escalation in our financial firepower.’

‘That is going to happen partly into next season, it is part way available now in the summer, but the following season as well.’

‘It is a progression over the next two seasons and is quite significant for the club.’

This would appear an optimistic change in drive from the Arsenal board, willing now to apparently flex their financial muscles. As we head into August where is this investment? A free transfer for Yaya Sanogo contrasted to cross London rivals Spurs announcement that they have just signed Roberto Soldado. Reportedly Arsenal failed to land Gonzalo Higuain prior to his move to Naples and this has embodied a summer of continued frustration for the gunners.

Are you happy with Arsenal banking their profits at the expense of the clubs success?

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