The 2025/26 season feels like it could be make-or-break for Mikel Arteta at Arsenal. The Basque boss won the FA Cup at the club during his first season at the Emirates. That victory, over Chelsea, back in 2020, made him the first person to win the famous old trophy as both the captain and manager of Arsenal.
It also made him the first Gunners boss since George Graham, over 30 years earlier, to deliver silverware in his first season in charge. Such feats buy a manager a little time in a notoriously fickle and impatient world. Since then his early exhortations to “trust the process” wore thin, only for improved performances in both the league and, to a lesser extent, Europe, to once again put him firmly in credit, with both fans and the club’s hierarchy.
However, last season seemed to be the campaign where Arsenal could finally end their long wait for the Premier League title. With City dropping off the pace early in the campaign, and Liverpool supposed to be in transition after the departure of Jurgen Klopp, there was a real opportunity for the Gunners to improve on their finishing position of second, achieved in both 2022/23 and 2023/24.
However, once again they were unable to sustain a title push when the going got tough. They finished three points above City, but their total of 74 was nowhere near good enough and they trailed champions Liverpool by 10 points. They didn’t score enough goals – just 69, compared to 86 for the Merseysiders – and the fact that Arteta failed to bring in a striker, either in the summer or winter transfer windows, appeared to hurt the Gunners.
Arteta has, perhaps, learnt from his mistakes, and the Gunners finally landed long-term target Viktor Gyokeres. The signing of the prolific Swedish striker will have pleased fans, who will hope their attack now has a focal point and a player who can deliver the goals to turn draws into wins and help them take that next step.
Lavish Spending on Players
Like many clubs, their summer spending thus far has been lavish. They have spent around £200m, recouping just £7m. Several players have left on free transfers, while they have brought in several men for big fees, leaving them with a substantial net spend. These transfers mean that Arteta has now spent over €1bn on players as Arsenal boss.
The club’s owners are sure to feel that they have backed their man and now it is time for him and his expensively assembled squad to deliver. However, despite this massive expenditure, it is champions Liverpool who most fans and pundits expect to win the title. Arne Slot’s men are odds-on favourites with the bookies, whilst Arsenal are second in the betting at 27/10.
Time will tell if the Gunners can cause an upset. It will also confirm whether or not Arteta is able to keep his job if he is unable to deliver either the Premier League or Champions League. However, for now, let us look back on the incredible spend the former Everton and Arsenal midfielder has overseen during his time at the club (it will be six years in December).
€1bn Spend a Mixed Bag
The first big deal that Arteta made, at least in terms of players coming in, was a brilliant one, as he signed Gabriel from Lille. The fee was €26m (we’ll stick to Euros as that is the currency in which the big billion has been brought up) and that has proved a bargain.
A month later, at the start of October 2020, almost double that amount was spent on Thomas Partey from Atletico Madrid. The less said about that the better! The summer window in 2021 was more productive, as Ben White came in, albeit for a massive €58.50m, that many fans questioned at the time. On the 20th of August the club made another brilliant purchase, converting Martin Odegaard’s loan into a permanent move.
The same day, Aaron Ramsdale was signed and again, it wasn’t the most popular move among fans. However, Ramsdale served the club well and the Gunners sold him after 89 appearances for a similar amount to that they had paid for him.
Takehiro Tomiyasu (€19m) and Fabio Vieira (€35m) have not really justified their fees and the same can be said about the pair signed from City, Gabriel Jesus (€52m) and Oleksandr Zinchenko (€35m). That duo were lauded at the time but it is hard to feel either have really excelled in north London.
Overall, the Gunners have probably signed a lot of solid players under Arteta but not enough that have really moved the dial. In that category we would add Leandro Trossard (€24m), Jorginho (€11m) and quite a few others.
Too Early to Tell
Arteta has made several big-money additions relatively recently where we feel it is probably too early to tell if they will prove to be players capable of winning silverware, or are simply capable players. Kai Havertz (€75m) looks more like the latter but we will give him the benefit of the doubt. Jurrien Timber was bought for €40m but has had limited chances, while Declan Rice may have been signed at a similar time to these two (for a hefty €117m) but has obviously been a brilliant addition.
David Raya has worked out well, but we will reserve judgement on Riccardo Calafiori, Mikel Merino, and, of course, the many players that have been signed this summer. Martin Zubimendi cost €70m but Arteta clearly loves him, and fans are very excited about Gyokeres, but Noni Madueke (€56m) will have to work hard to win over a section of fans.
Only Time Will Tell
Around €550m of the eye-catching €1bn+ figure has been spent since the summer of 2023. As such, we have to give some of these players time. Winning the Premier League is not easy and being second for three seasons in a row shows remarkable consistency. But Arteta has now spent a fortune and one FA Cup is just not enough. He has to deliver this term, while we must see the likes of Calafiori, Merino, Zubimendi and, of course Gyokeres, truly flourish.
In total Arteta has signed 40 players, including loans and free transfers (loans meaning that some players count twice in that 40). Fees have been paid for 34, at an average cost of almost €30m and a total outlay of €1,016,000,000. The club has received fees for 25 players in that time, bringing in just €235m, for a substantial net spent of almost €800m. It is time to see a return on that investment.