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For the past several years, Arsene Wenger has had an excuse for not spending more money on players the team needs in perilously thin positions: The debt incurred by the construction of the Emirates Stadium.
Still, Arsenal had plenty of money that was waiting to be invested into the team—especially considering that the club has sold its best players season after season.
But the debt is almost paid off now, and the Gunners signed a massive new £150 million sponsorship deal with Emirates Airlines a couple of months ago. Even Arsenal's chief executive Ivan Gazidis said that it would allow the club to "be more financially competitive," "pay bigger salaries" and "invest more in transfer fees."
They just might be fulfilling that second part, as the re-signing of Theo Walcott demonstrated. But once again, Arsene Wenger did not add a much-needed attacker during the January transfer window, opting instead for left-back Nacho Monreal after Kieran Gibbs got hurt.
More of the same ineffective, outdated transfer policy will not work. Unless Wenger can adapt to the realities of the transfer market, calls for his head will be somewhat justified—especially if Arsenal do not finish in the top four this season.