Arsenal's bitter financial cycle

Via the Premier League

By Zach Ricchiuti

Arsenal has a chance to return to glory. But it first needs the proper financial backing.

Arsenal's wage bill is one of the highest in England, and the most frustrating thing is that it doesn't have to be this way.

The team sits behind only Manchester United, Manchester City and Chelsea in salary, thanks to a balanced system where salary levels are tied closely to each other. That means that the gap between the highest-paid player and the lowest-paid is much smaller than on other teams, a harmonious bullshit attempt aimed at attracting young players by boosting their value. 

What it has actually done is make it impossible for Arsenal to move their most expensive dead weight. Midfielder Denilson has played 100 games for Sao Paolo, and yet he's still on Arsenal's books. Nicklas Bendtner is enjoying his weekends off at Juventus, having made only a handful of appearances for them after the coaching staff declared him unfit. Meanwhile, flops like Andrey Arshavin and Marouane Chamakh earn more than £60,000 per week and rarely even make the bench.

Those obligations are occupying valuable financial resources that could be better spent to retain players like Bacary Sagna and Theo Walcott, the latter of whom could leave if his six-figure salary demand is not met. And make not mistake, Walcott is worth the £100,000 a week, and Sagna even more so. Their development over the past year has been revelatory, and Walcott in particular is still far from his peak. 

Yet unless Arsenal finds a better way of managing its finances, it appears stuck. It's a shame, because at this stage of coach Arsene Wenger's career with he club, he now holds the dubious title of both the most successful and least successful Arsenal manager of all time. No one has ever won as many titles as Wenger did in his first seven years with the team, and yet no manager has gone seven years without one. It's a testament to the outsized influence that foreign sugar daddies have had on the English game that such a turn in financial fortunes could have this kind of impact on the pitch.

There is one new investment could break the cycle for Arsenal. The club's sponsorship with Nike expires at the end of 2013, and rumors are that they will sign a larger deal with Adidas. But whether CEO Ivan Gazidis and majority owner Stan Kroenke will pour that money back into the team is a crucial unknown, as they have not ruled out taking dividends from Arsenal's profits.

Should they do the right thing and devote the funds to making the team better, there is no doubt Wenger will make good use of them. With the proper backing, he can turn Arsenal into champions again. But he needs the cash to do it, starting with enough to keep Theo Walcott.

Zach Ricchiuti is a contributor and resident soccer expert for Began in '96.