Is This Arsenal's Worst Transfer Window Ever?

Over the last nine years, Arsenal fans have been accustomed to patiently waiting for glory to return. Since the team's last Premier League triumph in 2003-04, a solitary FA Cup is all that Arsene Wenger and his side have claimed.

Participation in the Champions League has admittedly been almost guaranteed across the decade, but is that enough for the fourth-most-valuable football institution in the world, according to figures prepared by Forbes magazine? 

Fans are used to hearing, from both Wenger and the board, that, unlike big-spending rivals Manchester United, Manchester City and Chelsea, the money is simply not there to make outrageous signings.

So the Gunners faithful instead looked on while stars of the calibre of Cesc Fabregas, Thierry Henry and Patrick Vieira were sold—only to be replaced by invariably less-distinguished names. 

The past year in particular, and the current disastrous transfer window, appears to be the breaking point. 

Star striker Robin van Persie, sold last summer to Manchester United to become Premier League champion and top scorer, has still not been adequately replaced.

The Dutchman bagged 26 goals in 2012-13. Arsenal's most potent player in front of goal, Theo Walcott, hit just 14.

This summer was supposed to be the moment Wenger finally shook off the financial constrictions under which he has worked so admirably, and as chief executive Ivan Gazidis stated in declarations picked up by Goal.com, sign a player of the highest quality. 

"

Arsene is not scared to spend money but he has to believe they are top-class players who will add to the squad.

Can I guarantee he will spend all of the money available to him? That depends on the talent.

"

The same article gives a few examples of the players Wenger wanted—Wayne Rooney, Marouane Fellaini, Stevan Jovetic—none of whom decided on a move to the Emirates Stadium. Gonzalo Higuain was another target, with the Guardian reporting in early July that a deal with Madrid had been reached. The Argentine snubbed Wenger, however, and instead chose Napoli as his next destination. 

Luis Suarez, as reported in The Mirror and elsewhere, also appeared on the Gunners' radar. However, even after meeting the £40 million figure required to talk to the Liverpool and Uruguay star—which, according to his club, does not imply any obligation to let him go—they could not avoid further ignominy. Reds owner John W. Henry publicly humiliated the London team via his Twitter account as he mocked their offer: 

Arsenal fans, despite those knockbacks, still hold out hope that the Uruguayan can use his leverage and convince his current employers to sell—something that, according to the Daily Mail, led Liverpool boss Brendan Rodgers to lose his temper and send Suarez to train on his own for what he called "utter disrespect."

In the meantime, the Emirates awoke to further bad news on the transfer front. A message on Shakhtar Donetsk's front page, as reported in the Independent, confirmed that supremely talented Atletico Mineiro playmaker Bernard had decided his future. 

Unfortunately for the North London club, who had been linked with the Brazil international, the 20-year-old's destiny lies further east. A bid of £21.5 million led him to pick Ukraine over both England and Portugal (Porto were another club interested), and yet another star has slipped through Wenger's fingers. 

Time is running out. A humorous site that monitors the Gunners' transfer activity, named HaveArsenalSpentAnyMoneyYet.com, still shows a resounding "NO" on its front page.

With just over a week to go until the start of the season, Arsenal's directors and their manager must do something to avoid this summer going down as their worst transfer window yet.