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During the 2010-11 season, Arsenal were legitimate contenders for the Premier League title until a shaky defense betrayed them at the end of the season.
Now all the best members of that team, except Jack Wilshere, are playing for other upper-echelon clubs.
Samir Nasri left for more money at Manchester City, Cesc Fabregas returned home to Barcelona and Robin van Persie...well, we don't really need to revisit that one again.
The point is that Arsenal continue to lose their best players every summer. As their contracts wind down, they begin to hit their primes and thus angle for more money.
While it is very encouraging that Theo Walcott has signed on, Bacary Sagna only has one year remaining on his contract, and his consistency and defensive stability at right-back are crucial to the team. Considering that he is only 30 years old, it would be insane to only offer him a one-year extension.
It is impossible to maintain a veneer of ambition when you are letting your best and most experienced players leave season after season.