Mikel Arteta’s rebuild of Arsenal has crossed a symbolic line. With the $86 million capture of Eberechi Eze from Crystal Palace, the club’s total transfer spending under his tenure has now surpassed $1 billion. For some, it’s proof of unwavering ambition. For others, it raises questions about whether Arsenal can keep balancing the books while chasing titles.
Eze’s arrival wasn’t just a high-profile addition. It was a hijack. Tottenham were close to sealing a deal before Arsenal swept in at the eleventh hour. On Twitter, Arsenal fans branded it “peak Spurs pain” and reveled in memes about never letting their rivals “cook.” Palace supporters, meanwhile, accused Arsenal of raiding the middle tier again and wondered if $86 million was too steep. For Arsenal, the fee was justified: a boyhood Gunner returning home, with the talent to tilt games in their favor.
Financial muscle and tactical need
Waves of investment have marked Arteta’s reign. The first phase saw deals for Thomas Partey, Gabriel Magalhães, and Martin Ødegaard. Later windows brought Aaron Ramsdale, Ben White, and Gabriel Jesus. Then came the record-breaking $135 million transfer of Declan Rice in 2023, followed by the arrivals of Kai Havertz and Jurrien Timber. Each summer seemed bigger than the last. Add it all together, and the club has spent more than $1.4 billion since Arteta took charge in December 2019, with net spend hovering around $950 million.
What sets Arsenal apart isn’t just the scale of the outlay but the minimal return in sales. Manchester City have sold enough players to keep their net spend far lower. Arsenal have let stars like Mesut Özil, Pierre-Emerick Aubameyang, and Alexandre Lacazette leave for free. The lack of resale value, plus the inability to sell marketable players like
Revenue growth made Arsenal’s spending spree easier to justify. In 2023–24, the club generated a record £616.6 million ($780 million), buoyed by their return to the Champions League. In the following 2024–25 campaign, their Champions League run alone delivered about £100 million ($125 million) in UEFA prize money and broadcast income, key fuel for the summer transfer push.
That hasn’t silenced the debate. Supporters see the spending as overdue, an attempt to match City and Chelsea in firepower. Critics argue Arsenal’s inability to cash in on unwanted players remains a structural weakness. Either way, the spending spree has reshaped the squad into one of Europe’s deepest.
Eze’s role is the next puzzle. He can operate on the left wing, drifting inside to create, or as an advanced midfielder alongside Ødegaard. At Palace last season, he scored 14 goals and added 11 assists, including the winner in the FA Cup final. Arsenal needed that extra edge. Their expected goals tally last season ranked just seventh in the league, a reminder that possession dominance didn’t always translate to clear chances. Arteta spoke often about the need for “magic moments.” Eze provides them.
Compared to Kai Havertz, whose injury in preseason prompted Arsenal to move quickly, Eze offers more on-ball creativity. He can slalom past defenders, link with Bukayo Saka on the opposite flank, and relieve Ødegaard of carrying the creative burden alone. The “boyhood Gunner” narrative adds a layer of romance, but tactically he addresses a glaring need.
Arsenal’s lineup now projects to feature Viktor Gyökeres up front, Saka and Eze on either wing, Ødegaard pulling strings in midfield, and a base anchored by Rice and Martín Zubimendi. It’s a blend of steel and flair that looks built for both the Premier League grind and Champions League nights. For the fans who flooded social feeds with jokes about Spurs losing out, it feels like more than just a signing. It feels like a statement.
Arteta signings
.arteta-signings{width:100%;border-collapse:collapse;font:16px/1.45 system-ui,-apple-system,Segoe UI,Roboto,Helvetica,Arial,sans-serif} .arteta-signings th,.arteta-signings td{border:1px solid #e5e7eb;padding:10px 12px;text-align:left} .arteta-signings thead th{background:#f8fafc;font-weight:600} .arteta-signings tbody tr:nth-child(even){background:#fcfdff} .arteta-signings .loan{color:#0b6} .arteta-signings .free{color:#555} .arteta-signings .pending{color:#b00;font-weight:600} @media (max-width:720px){.arteta-signings th:nth-child(3),.arteta-signings td:nth-child(3){display:none}}| Player | From club | Date | Type | Reported fee |
|---|---|---|---|---|
| Eberechi Eze | Crystal Palace | Aug 21, 2025 | agreed | £67.5m (initial £60m + £7.5m add-ons) |
| Martín Zubimendi | Real Sociedad | Jul 6, 2025 | permanent | €70.0m |
| Viktor Gyökeres | Sporting CP | Jul 26, 2025 | permanent | €65.8m (+ up to ~€10.3m add-ons) |
| Noni Madueke | Chelsea | Jul 18, 2025 | permanent | £48.5m (+ £3.5m add-ons, total £52m) |
| Cristhian Mosquera | Valencia | Jul 24, 2025 | permanent | €15.0m (potentially to €20m) |
| Christian Nørgaard | Brentford | Jul 10, 2025 | permanent | €11.6m |
| Kepa Arrizabalaga | Chelsea | Jul 1, 2025 | permanent | £5.0m (≈€5.8m) |
| Riccardo Calafiori | Bologna | Jul 29, 2024 | permanent | £42.0m (≈€45m) |
| Mikel Merino | Real Sociedad | Aug 27, 2024 | permanent | up to £31.6m (incl. add-ons) |
| David Raya | Brentford | Jul 4, 2024 | permanent | €31.9m (after 2023 loan) |
| Raheem Sterling | Chelsea | Aug 31, 2024 | loan | loan (no fee reported) |
| Neto | Bournemouth | Aug 30, 2024 | loan | loan |
| Declan Rice | West Ham | Jul 15, 2023 | permanent | £105.0m (≈€116.6m) |
| Kai Havertz | Chelsea | Jul 1, 2023 | permanent | £65.0m (≈€75m) |
| Jurriën Timber | Ajax | Jul 14, 2023 | permanent | £38.0m (≈€40m) |
| David Raya | Brentford | Aug 15, 2023 | loan | loan fee €3.5m |
| Leandro Trossard | Brighton | Jan 20, 2023 | permanent | €24.0m |
| Jakub Kiwior | Spezia | Jan 23, 2023 | permanent | €19.5m |
| Jorginho | Chelsea | Jan 31, 2023 | permanent | €11.3m |
| Gabriel Jesus | Manchester City | Jul 4, 2022 | permanent | €52.2m |
| Oleksandr Zinchenko | Manchester City | Jul 22, 2022 | permanent | €35.0m |
| Fábio Vieira | Porto | Jul 1, 2022 | permanent | €35.0m |
| Matt Turner | New England Revolution | Jul 1, 2022 | permanent | €5.9m |
| Marquinhos | São Paulo | Jul 1, 2022 | permanent | €3.5m |
| Auston Trusty | Colorado Rapids | Jan 31, 2022 | permanent | €1.8m |
| Ben White | Brighton | Jul 30, 2021 | permanent | €58.5m |
| Martin Ødegaard | Real Madrid | Aug 20, 2021 | permanent | €35.0m |
| Aaron Ramsdale | Sheffield United | Aug 20, 2021 | permanent | €28.0m |
| Takehiro Tomiyasu | Bologna | Aug 31, 2021 | permanent | €18.6m |
| Albert Sambi Lokonga | Anderlecht | Jul 19, 2021 | permanent | €17.5m |
| Nuno Tavares | Benfica | Jul 10, 2021 | permanent | €8.0m |
| Martin Ødegaard | Real Madrid | Jan 27, 2021 | loan | loan fee €2.0m |
| Mathew Ryan | Brighton | Jan 22, 2021 | loan | loan |
| Thomas Partey | Atlético Madrid | Oct 5, 2020 | permanent | €50.0m |
| Gabriel Magalhães | Lille | Sep 1, 2020 | permanent | €26.0m |
| Rúnar Alex Rúnarsson | Dijon | Sep 21, 2020 | permanent | €2.0m |
| Willian | Chelsea | Aug 14, 2020 | free | free |
| Cédric Soares | Southampton | Jul 1, 2020 | free | free |
| Pablo Marí | Flamengo | Jul 1, 2020 | permanent | €6.0m |
| Pablo Marí | Flamengo | Jan 29, 2020 | loan | loan fee €8.0m |
| Cédric Soares | Southampton | Jan 31, 2020 | loan | loan |
