The real reason why Arsenal can sign only loan players

Arsenal are currently six points away from fourth place and in danger of finishing outside the Champions League spots for the third successive season after 19 consecutive years. And Unai Emery’s recent comments that the club is set to sign only loan players isn’t something fans expect to hear. Emery would happily spend money if he could. Rather, Arsenal offer a case study of how big decisions from newcomers, made in a short time, can have massive knock-on effects. Their situation illustrates how hard it can be to put the toothpaste back in the tube. Arsenal made three big decisions in 2018: They opted to extend Mesut Ozil’s deal through 2021 who wanted a big bump in salary: from $9.6 million to $20 million-plus. Arsenal also completed the signings of Pierre-Emerick Aubameyang for a club record £57.6 million and Alexandre Lacazette - £46.5 million rising to £52.6 million with bonuses. Annually, these players' deals represent roughly one-fifth of the club's total wage bill. What's more, the three players in question were 28, 29 and 29 years old at the time they signed, which means they would have very little resale value, particularly given their salaries. So the choices made a year ago are making a lasting impact.

Unai Emery asks his board to sign Real Madrid star as Mesut Ozil replacement