Arsenal won’t raise the axe, but Wenger must find a new trick.

Arsene Wenger looks like a man tired of facing the same questions. As Arsenal limped out of the FA Cup on Saturday, Wenger looked exhausted. He was probably imagining the post match interview, “Arsene, another year without a trophy, is this team good enough?” The answer is obvious, but Wenger has to front up. If he doesn’t believe in this Arsenal anymore, who will?

Arsenal have apparently assured Wenger that his job is safe until 2014, but only the most naive would assume he will be in charge in two years if the club’s current trajectory is not reversed. The so called Professor’s followers are deserting him; does he stick to the formula, does he even have a choice? The financial future of Arsenal might be healthy, but tickets aren’t cheap at the Emirates, and football is not a normal business. When all you’ve got left to show the fans is the accounts, you should be worried.

There are many ways to look at Arsenal. Some, including Wenger, regard them as the model for modern football clubs, focussed on sustainability, with a strict wage structure and a culture of developing young players. Indeed, the club itself promotes these values as part of its identity; you can buy a t-shirt from the Arsenal shop with the slogan, “we don’t buy superstars, we make them.” That’s all well and good, providing the team isn’t getting humiliated on the pitch. For rival fans, such statements are perceived as self-satisfied smugness, the kind of which is played out on a much larger scale by Barcelona. The irony here is that most Arsenal fans appear to detest Barcelona for their endless pursuit of Cesc Fabregas, a player that Arsenal poached from the Catalans, but that’s another story.

When it comes to transfers, it’s undeniable that Arsenal spend less than their natural rivals. An analysis of net transfer spending over the past decade had Arsenal ranked ninth out of twenty. Yet, Arsenal have maintained qualification for the Champions League throughout this period – a remarkable achievement.  And, in many of those seasons, they’ve been in contention for the league title in March, only to fall away as the leading sides entered the home straight.

But, the focus on net spending overlooks some fairly crucial evidence from Arsenal’s recent past. Most notably, Wenger’s greatest Arsenal team was built on imported talent, not home grown: Thierry Henry, Robert Pires, Dennis Bergkamp, Sol Campbell, Fredrik Ljunberg, Patrick Viera – the list goes on. In their defence, Arsenal will tell you that these players enjoyed their best years at Arsenal. True, but Arsenal still had to go out and buy them. Arsenal can’t seem to get those players any more, and in terms of bringing players through to become first team regulars, Manchester United could make a similar boast.

Arsenal’s style of football is frequently a subject of national debate. Brilliant at its best, but with frustratingly obvious flaws at its worst. Wenger’s persistence with Manuel Almunia in goal took managerial stubbornness to unprecedented levels, and cost his team victories. It is also true that his teams have underperformed in Europe. Last week’s hammering in Milan is immaterial; even at their peak under Wenger, Arsenal were often undone on the biggest stage. A harsh criticism, perhaps, given their appearance in the 2006 Champions League final, but from 2001 onwards Arsenal had such quality that they could, and should, have enjoyed an even greater return.

Still, what would Arsenal fans would give for a return to those halcyon days? The problem for Wenger is that Arsenal fans have read the book of excuses from cover to cover, twice. They know the importance of developing players and the Financial Fair Play rules. But, they also know Spurs have ended up with a vastly superior midfield without incurring the kind of fees that Arsenal might find prohibitive. The more sensible Arsenal fans you hear from (not Piers Morgan) recognise the position they are in should not be viewed with total despair. A look at the problems faced by Liverpool and Chelsea in hunting down a Champions League spot is a stark reminder that you spend big at your peril.

Even so, the problems for Wenger are much closer to home. Everywhere you look, the Arsenal ethos that he created is being chipped away. The question is not just whether his vision is still fit for purpose, but whether he can deliver it.

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