Is Arsenal’s transfer policy going to lead them to another trophy-less season?

With the January transfer window in full swing amidst rumours coming out of the Arsenal camp regrading their inability to splash the cash and strengthening some of their key forward positions, Mikel Arteta and Co now stand at the crossroads of another season faltering away without any signs of silverware gracing the Emirates Stadium. 

Now in his sixth season with the North London club with as many as 30 signings made throughout his time at Arsenal, fans are now questioning whether Arteta and his men can really cross the line and bring glory to the club without key additions to their forward line, despite a large section of the club calling for reinforcements since last summer. 

In his last two seasons, Arsenal under Arteta have come very close to winning their first silverware since the club won the FA Cup during the Spaniard’s first season. Despite boasting a strong defensive unit and scoring just four goals less than Manchester City in the league last season, the feeling among the Arsenal faithful was that they needed a top marksman to win those key encounters that were otherwise going the other way. 

Defeats against the likes of West Ham United and Fulham in the league last season, where the team were thoroughly dominant but failed to capitalise on their big chances produced, as well as the defeat against Liverpool in the FA Cup third round, where Jürgen Klopp’s team were hanging on for dear life before two clinical goals on the counter resulted in Arsenal’s demise, are but few notable games that could have resulted in an entirely different narrative for the Gunners. 

Since Arteta took over the reins of Arsenal in December 2019, the Gunners have spent ~€783 million on player transfers (including loans and “free” transfers). However, in that time, the Arsenal hierarchy has only signed five forwards for a total sum of €151 million (including the free transfer of Willian and the loan deal of Raheem Sterling this season). 

As the likes of Pierre-Emerick Aubameyang and Alexander Lacazette fell out of favour with Mikel Arteta and consequently left the club for free, the Spaniard initially brought in Man City outcast Gabriel Jesus for €52 million during the summer of 2022. The following window, Leandro Trossard joined the Gunners on the back of a meagre €24m deal, with the much-maligned Kai Havertz becoming the next acquisition in the summer of 2023 for €75 million. 

While all three forwards have unique skillsets and have improved the team in their own unique ways, not one of them can be considered as a consistent out-and-out goalscorer. Despite his shortcomings, it is Havertz who has emerged as the most potent among the three, having scored 16 goals and provided 10 assists in his 36 appearances as a striker. Not one of them has what it takes to score 30 or 40 goals a season.

In recent times, the likes of Alexander Isak and Victory Gyökeres have been linked with Arsenal, but the club have been reluctant to pay the heavy transfer fee needed to close the deal with either of them. Both Isak and Gyökeres have been excellent for their respective clubs this season and will improve the Gunners immensely, but the club’s reluctance to splash the cash can prove detrimental to their chances of winning any silverware this season. 

Moreover, Arsenal and Arteta have been heavily reliant on Bukayo Saka ever since the 23-year-old became a mainstay in the starting XI. His recent hamstring injury followed by a surgery means the England international is not back until at least February, and with the busy fixture schedule, the club are in need of a backup signing, and they need it fast. 

Arsenal have been linked with Brentford’s Bryan Mbuemo, though reports from reliable outlets suggest the Gunners will only be able to pursue him in the upcoming summer transfer window.

Like Mbuemo, Arteta’s pursuit of compatriot Nico Williams has hit a similar roadblock. Having failed to secure his services during last summer, according to The Athletic’s David Ornstein, it is highly unlikely Arsenal will make a bid for the Athletic Bilbao man, with both his €60m release clause and €350,000-a-week wage demands proving too much for the North London club. 

As an alternative to Williams, Marcus Rashford has emerged as a cheaper option, rumoured to be available for as low as €25 million. However, the 27-year-old, since his exceptional campaign during Erik ten Hag’s first season (30 goals and nine assists in 56 games) has been on a downward spiral and has fallen out of favour with new Manchester United head coach, Rúben Amorim. If Arteta could ignite his form, Arsenal and their fans would surely have a player on their hands, but like always there is a big if with the England international. Moreover, reliable sources like the Swiss Ramble are reporting that the Gunners can afford as much as €195 million in losses this season, which in simple terms means a deal as big as the one Arsenal pulled off for Declan Rice is doable. 

Right now, many Arsenal fans are questioning whether the club really want to compete with the biggest names in Europe or are just happy being up there and being runners-up at best. For Arsenal to walk among the big boys and beat them, they need to start acting like one. 

For all of Arteta’s process in bringing Arsenal to where they are now, the current situation is reminiscent of Arsené Wenger’s early Emirates Stadium days, during which time the club were always one player short from winning major honours—a player that never arrived.