I have been saying it for a couple of years now. Arsene Wenger is costing Arsenal millions of pounds each season.
Ignoring the fact that they haven't won a trophy for six years, with the loss of prize money and sponsorship revenue that comes with it, the man known for his prudence has simply got it wrong.
I don't have an economics degree and so I would not argue with Wenger on that subject but I do think that he is now suffering his very own contango day. He is having to settle up for the last few seasons of poor transfer decisions and the numbers don't look good.
He has delayed the inevitable for reasons best known to himself, but a player like Cahill who may have cost £10 million last season is now likely to cost double that.
He fought long and hard battles to keep Cesc Fabregas and Samir Nasri in order to get the best price for his club, perfectly reasonable and sensible. but in doing that he has lost any chance of snatching any bargains and will pay a premium now that he has so much cash to spend.
As a Manchester City fan I know fully the down side to be cashed up and desperate and the results are never brilliant. City used to pay handsomely for average talent but now they simply pay well for great players.
Is it time for Arsene Wenger to be replaced?
But Wenger and more importantly the Arsenal supporters need him to spend and spend big to stop a decline which was widely predicted.
Penny pinching in the pursuit of Cahill will not get him the player he wants and his team needs.
Similarly jumping in and snatching the South Korean striker Park Chu-Young for a modest £3m fee wont fill many defences with dread.
The same frugal mindset meant that Arsenal waited for a couple of seasons to fill the void in the strike department as Wenger waited for Marouane Chamakh to arrive as a free agent, rather than spending the £15 million and making the most of the wonderful approach football of Nasri and Fabregas.
It just so happens that Wenger placed his faith and Arsenal's hope on a player so far off Premier League standards as to be embarrassing.
It seems such a waste now though when you watch the midfield talents of Nasri and Fabregas feeding players of real quality such as David Villa or Edin Dzeko that Arsenal never fully took advantage of them. Why? Because Wenger would not spend money.
All of the high-flying plans and strategies though can be very easily countered by a saying my dad often used, "You dont spoil a ship for a h'apeth of tar."
I suspect that putting right the mistakes of the past will also cost a lot more than would have been spent if Wenger was more able to spend than save.
But because of that "ha'peth of tar" the good ship Arsenal is taking on water and unless some drastic action is taken it could lose its captain as well.