Arsenal transfer news: Former Gunners chief explains why club missed out to Chelsea for Eden Hazard

Law also claims the club also strongly considered Thibaut Courtois, but their financial limitations denied them the possibility of beating out their London rivals

Arsenal missed out on signing former Chelsea pair Eden Hazard and Thibaut Courtois due to the club’s cautious financial strategy during the transition after moving to the Emirates, according to former transfer fixer Dick Law.

The Gunners operated under severe financial limitations from 2006 with the cost of the new stadium and interest repayments hampering their ability to compete with rivals Chelsea and Manchester United in the transfer market.

Law has now revealed how Arsenal strongly considered moves for the Belgian pair, with Hazard in particular enjoying a fine spell with the Blues, as well as tormenting the Gunners over the years.

The risk of spending heavily proved too much for Arsenal though, Law explains, as they saw their London rivals enjoy sustained success.

“We had the financial muscle, but the risk reward calculation wasn’t clear,” Law told Goal. “Spending a lot of money on a player that didn’t work out would have really put the club in some financial straits.

“Did we miss out on talents? Certainly. I remember sitting in meetings with Steve, Ivan and Arsene and gnashing our teeth over Thibaut Courtois. We knew he was good.

“Eden Hazard as well, we wanted to do that deal. But there was a sense of responsibility and running the club prudently, all the time knowing that every £1 we spent we had to act as if it was our money. It was very, very difficult.”

Hazard celebrates scoring vs Arsenal in the Europa League final (Reuters)

The story has not changed too much since, with Arsenal enduring a limited budget this summer as Unai Emery bids to rebuild the squad after another season missing out on Champions League football.