Two billionaires and no buys: Arsenal must smarten up

Cesc Fabregas' likely departure will be more depressing news for Arsenal fans (Getty)

Three weeks ago fans attending the Arsenal Supporters' Trust Q&A with club chief executive Ivan Gazidis were promised a busy summer of transfers to strengthen the first-team squad.

But so far the news is all about likely high-profile departures, deepening the concerns among our members who, in the last three months, have endured the team's failure to end a six-year wait for a trophy, been told their season tickets were to increase in price by 6.5 per cent and witnessed long-standing, Arsenal-supporting board members end 70 years of ownership stability by selling a majority stake in the club to Stan Kroenke.

For many years now Arsenal have operated a sell-to-buy policy and can no longer compete with the top clubs in Europe in transfer fees or wages paid. This is a strategy dictated by the club's decision to adhere to a "self-sustaining" business model.

Arsenal have neither the commercial revenues nor benefactor income to enable them to match the likes of Real Madrid, Manchester City, Chelsea or Barcelona. This inevitably means that the transfer window will be drawn-out as we wait to see who leaves and what budget this creates to buy players.

So what can be done? Arsenal need to grow their overseas presence and broaden their commercial programmes. We think the club should thoroughly review the options for its two billionaire shareholders – Kroenke and Alisher Usmanov – and other supporters to make sustainable investment into the club.

Sadly, player loyalty is all but gone. It is supporters who build a relationship for life. But we should not be held hostage or priced out of the ground for it. If our money and the backing he got from the stands last season isn't good enough for Samir Nasri, then we would fully support a club decision to cash in.

You can't blame the Arsenal board or Gazidis if players try to break long-term contracts or refuse to sign generous new contracts offered to them months ago. But you can judge them on how they handle the situation. So far Gazidis has refused to be bullied by Barcelona over Cesc Fabregas and as long as he holds this line he will be on good ground with Gunners.

Tim Payton (@timpayton) is a leading member of the AST