Arsenal have green light for January signings after Stan Kroenke talks with Mikel Arteta - Kieran Maguire
Free to spend. ✔️
In previous seasons, 2nd place in December would be seen as a roaring success for Arsenal. In that sense, Mikel Arteta is a victim of his own success ahead of the January transfer window.
After Saturday’s madcap 5-2 victory at West Ham, the Gunners are nine points behind Liverpool but have lost just twice. Their four draws meanwhile came against the four other sides in the top five.
| Position | Team | Played MP | Won W | Drawn D | Lost L | For GF | Against GA | Diff GD | Points Pts |
| 1 |  LiverpoolLiverpool | 13 | 11 | 1 | 1 | 26 | 8 | 18 | 34 |
| 2 |  ArsenalArsenal | 13 | 7 | 4 | 2 | 26 | 14 | 12 | 25 |
| 3 |  ChelseaChelsea | 13 | 7 | 4 | 2 | 26 | 14 | 12 | 25 |
| 4 |  BrightonBrighton | 13 | 6 | 5 | 2 | 22 | 17 | 5 | 23 |
| 5 |  Man CityManchester City | 13 | 7 | 2 | 4 | 22 | 19 | 3 | 23 |
But Manchester City’s implosion in recent weeks means the prevailing feeling at the Emirates is one of a potential missed opportunity to end their 21-year wait for a Premier League title.
Arteta’s side can bemoan some abysmal luck on the officiating front, however. And the Spaniard will be telling his players – and himself – that the league leaders’ astonishing form can’t last forever.
Interestingly, both sides had relatively modest summers.
In terms of finance, Liverpool ended the summer with a small positive net spend, while Arsenal were only in the red by around £20m.
Club Deals In Deals Out Income (GBP) Expenditure (GBP) Net (GBP) Manchester City 7 9 £112.66m £19.98m £92.68m Wolverhampton Wanderers 19 13 £89.89m £59.45m £30.44m Everton FC 9 10 £66.84m £40.11m £26.73m Crystal Palace 15 15 £80.46m £62.08m £18.38m Newcastle United 10 12 £60.88m £54.49m £6.39m Liverpool FC 12 12 £37.55m £33.56m £4.0m Nottingham Forest 21 27 £69.27m £84.29m £-15.02m Fulham FC 10 11 £54.97m £73.15m £-18.18m Brentford FC 11 13 £59.53m £78.22m £-18.7m Arsenal FC 10 13 £66.95m £87.01m £-20.06m Aston Villa 18 18 £115.86m £140.78m £-24.93m AFC Bournemouth 13 20 £52.81m £83.39m £-30.59m Chelsea FC 31 25 £158.2m £190.56m £-32.36m Leicester City 14 10 £28.28m £68.75m £-40.47m Southampton FC 27 13 £33.23m £93.6m £-60.37m Tottenham Hotspur 16 16 £44.18m £118.93m £-74.75m West Ham United 14 14 £35.76m £115.38m £-79.62m Manchester United 12 14 £82.3m £171.39m £-89.09m Ipswich Town 16 15 £1.32m £101.07m £-99.75m Brighton & Hove Albion 22 21 £38.58m £184.73m £-146.15m
For Arsenal in particular, this is a reversion to type. Stan Kroenke has always wanted the club he owns to be self-sufficient – i.e., only spend what they earn.
The last few years have been a departure from that model, with Arsenal’s spending on recruitment and retention outstripping their revenue.
But with Arteta’s side likely to be – at the very least – outsiders in the title race at the turn of the new year, could Kroenke put his hand in his pocket again in January?
TBR Football spoke to Liverpool University football finance lecturer and industry insider Kieran Maguire to assess how things are shaping up at the Emirates.
Stan and Josh Kroenke will sanction more investment, says finance expert
After the international break in November, Arteta revealed that he had held his annual set of talks with Stan Kroenke.
“It’s always really positive to spend time together,” he said, as quoted by Football.London.
“We had time to talk about the windows and we’re taking the club after Edu. It’s a joy to spend time with them.
“They have so much experience in the sport. You feel the ambition and how close they live every day with us.”
That bodes well for January, suggests Maguire.
“We’ve seen Arsenal make January signings in the last few years,” the Price of Football author observed.
“They signed Trossard in January and tried to sign Caicedo in January.
Arsenal’s January signings under Mikel Arteta
| Year | Player | Fee | From | Position |
|---|---|---|---|---|
| 2023 | Leandro Trossard | £27m | Brighton | Forward |
| 2023 | Jakub Kiwior | £21m | Spezia | Defender |
| 2023 | Jorginho | £12m | Chelsea | Midfielder |
| 2021 | Martin Ødegaard | Loan | Real Madrid | Attacking Midfielder |
| 2021 | Mat Ryan | Loan | Brighton | Goalkeeper |
| 2020 | Pablo Marí | Loan | Flamengo | Defender |
| 2020 | Cédric Soares | Loan | Southampton | Right-Back |
“They have the ability to sign. Now, it’s about looking at things from a qualitative view rather than quantitively.
“If they are bringing someone in, for example, are they going to be cup-tied?
“There’s been a sea change on the spending front. I think it is because Josh Kroenke is now more involved. He seems like more of a ‘soccer’ man than his dad, who seems to really want to be a very rich rancher.
“There is a new Arsenal now. You only have to look at the expenditure in recent windows as evidence for that.
“They have shifted the deadwood out of the club in terms of higher earners with low performance. That has given them flexibility and leeway.
Also, with two season in the Premier League title race, they have realised just how addictive it is.
“They had a long period of time without Champions League football. I think the guys in charge forgot just how critical it is with regards to what is happening on the pitch.”
Arsenal’s PSR status: Do Premier League spending rules allow Gunners to spend in January?
Crucially, PSR (Profit and Sustainability Rules) is not an issue for Arsenal.
Arsenal lost £52.1m in the last recorded financial year but their deficit is expected to narrow for 2023-24 thanks to their participation in the Champions League.
With allowable costs factored in, the Gunners likely have well in excess of £100m of PSR capacity going into January.
In layman’s terms, that means they could record a £100m-plus loss for 2024-25 and still not fall foul of PSR.
For all intents and purposes, that gives Arteta the freedom to spend whatever the Kroenkes give him in January.
What's Your Reaction?
