With the passing of Freddie and his allegations of broken promises (top player signings) the Invincibles have been virtually dismantled in just under three seasons. Has this been a deliberate footballing policy as Arsene Wenger seeks to build his third great team or has this been a result of new stadium induced funding restrictions?

From an unbeaten season in 2003/04 Arsenal have lost 5, 11 and 8 league games in the following three seasons and finished 12, 24 and 21 points behind the Premiership Champions.

I am sure no one can believe that this football "slippage" has been by design, but it’s now history.

The situation must now be somewhat different. The transfer fee inflation that we are seeing is a direct result of several factors:

1. Clubs spending the extra TV revenues that all will receive over the next three seasons. For Arsenal this will be c£50m and will be £40m for most. These extra revenues cannot have been budgeted for by anyone and are being spent with carefree abandon.

2. Others have received the promise of new funds (Liverpool, Man City and Newcastle)

3. Some have incurred extra debt (Man Utd).

Meanwhile the ever conservative Arsenal count the pennies when approx £100m profit is due to be received within about two years when the Highbury Square development is completed. Plus the additional cashflow from the first season at the new stadium even after the debt service costs – maybe £20m?

And add to this the net transfer fees received from this close season of trading (with the substantial reduction in the wage bill) and Arsene must have the biggest transfer war chest ever at his disposal.

Maybe Wenger is a pure bargain shopper and refuses to over pay the odds (Babel? sold for £11m when Arsenal were be rumoured to be willing to pay £6m) but where does this leave us? With a squad with incredible potential but possibly not the ability to compete for the whole season that is about to get under way.

Whilst we will not see the figures for a while, the current key wages to turnover ratio must be well less than 50% - which would be the lowest of any Premier League club. What does this mean in real terms? Either Arsenal are investing less of its revenue in the squad or it is getting best value from its squad. Take your pick!

Surely the time is now to release the purse strings and get the manager out there boosting the squad in terms of depth and experience?