It was the fag end of the George Graham years. Arsenal fans were content with the progress in the cups as the manager let the footballing standards of the club sink from that of his earlier years at the helm. But the era is not remembered fondly now due to some of the players the fans had to endure. So we had the likes of Morrow, Hillier, McGoldrick, Carter. Quality players, the manager told us, were not available.

Arsenal's acting Managing Director Ken Friar spoke to the AISA AGM yesterday evening. Questioned as to whether he might have a busy evening ahead after he departed the meet at 7.30, he said he did, but not in the way the audience were hoping. He admitted that at one stage, his attendance to answer the AISA members’ questions was in doubt, but no longer. Hearing this, I was hoping it was a smokescreen and that he’d be busy until midnight negotiating on the phone. There was a text message sent to someone sitting in front of me that the club might be snapping up Mikel Arteta from Everton.

Later in the evening, I decided to watch Sky Sports News as transfer deadline approached, hoping that there would be a pleasant surprise. So what was the news? Manchester City are threatening to become the Premier League’s Harlem Globetrotters Mark II, after the relatively successful creation of Mark I in south west London. But at least it forced Manchester United to pay a lot more than they’d planned to buy Berbatov from Spurs. And Chelsea were shown that they can’t just buy anyone they feel like anymore. And that was pretty much it. So now, we have the prospect of City gatecrashing the cosy self-perpetuating elite of the top four.

Many Arsenal fans were doubting Arsenal could remain there anyway, even before the arrival of the new owners at Eastlands. Ken Friar made the position on the transfer budget clear to his audience yesterday evening. The manager has plenty to spend, but the board can’t force him to spend it. The reasoning being that if the board force him to go and buy players and things don’t work out, then who is to blame for the failure? Wenger or the board? In principle, that is fair enough. I am not convinced any fan really wants the board deciding team matters. All they can do is support the manager. It is my belief that Wenger has access to enough funds to buy a decent stopper and a decent replacement for Flamini/Gilberto.

Any player is available if the price is right. I don’t expect Wenger to spend silly money, but there are enough decent players out there who would improve the defensive capabilities of the squad for Arsenal to buy a couple. The club is in the top five earning clubs in the world.

So the manager, in making the conscious decision not to strengthen his hand, has left himself open to justified criticism if the errors made last season that cost Arsenal their chance of a trophy are repeated. Ultimately, in big games against major opposition, too many times Wenger’s Arsenal did not have the ability and experience to hold onto a winning position. Against Chelsea, Liverpool and Manchester United. Have the purchases of Mikael Silvestre, Aaron Ramsey and Amaury Bischoff addressed this issue? Philippe Senderos, Mathieu Flamini and Gilberto may have been replaced in terms of numbers, but what of quality?

It’s a huge leap of faith. And frankly, too great a leap for many to believe in. Wenger will have Arsenal playing in the style of Brazil 1970. One of the greatest teams to watch, but my god, that defence. They won the World Cup because it was played at altitude and there was a hell of a lot of space to exploit. They let in goals, but scored more. Brazil were the masters of punishing teams that gave them room to play. FC Twente and Newcastle gave Arsenal space to exploit and were hammered. All well and good. Fulham chose to close the Gunners down. Premier League stadiums are invariably situated close to ground level, unlike the Azteca in Mexico City. There will be more teams that take Fulham’s approach to combating Arsenal than Newcastle’s. So the tactic of entertaining your way to the prizes is a big ask in England in 2008/09.

What Wenger sees in certain members of his squad is a mystery to me. I see raw talent, some quality in possession, but a hell of a lot of inconsistency and frankly, naivety. I certainly don’t see title winning qualities in the likes of Theo Walcott, Denilson and Nicklas Bendtner. The two first choice centre backs are capable of forming a title-winning partnership, only not with each other. I am struggling to see who will form an effective central pairing with Cesc Fabregas. Abou Diaby is rarely out of the treatment room. Denilson has not progressed from the prospect we saw two years ago, so it’s down to Alex Song getting a run in the team or a gamble on another crock – the mystery that is Amaury Bischoff. I’m assuming Eboue isn’t a serious contender. Michael Thomas made the conversion from right back to central midfielder, but he was a footballer rather than an athlete. Eboue does not have the technical or mental ability to play there.

It’s head scratching time here at Gooner Towers. The manager had the opportunity to strengthen his hand. He chose not to. I’ve never doubted Arsene Wenger quite this much before. I’ve always believed. But sometimes, logic flies in the face of blind faith. I hope to be eating my words in May 2009, but I would be very, very surprised if Arsenal win anything this season unless something very dramatic occurs in the January transfer window.

The fans have paid up to watch the team. Their money has been offered to the manager for spending on improving the playing staff. It’s now sitting in a bank somewhere. Someone’s having a laugh here, but no-one in the stands can quite get the joke.