Fourth is the new first. The Arsenal accountants worked out some time ago that financially it is better for the club to finish fourth than first. It provides exactly the same route to the Champions League riches (indeed, add in the qualifying round and it is actually worth more) while being attainable for something like 12 points less (last season), or 16 (the year before), and this year it could feasibly stretch to 20 points or more. Each of those points, judged against the gold standard of Chelsea, now Manchester City, costs an awful lot of money. Why on earth would you spend it if you didn’t have to?
Championship titles are for inferiority complexes and the fledgling (northerners in other words). Think about it: Fergie and the chip on his shoulder; City and their history of under-achievement. Mature, successful businesses have no need of the glitz and glamour of trophies. Not when there is a bottom line to think about. Without us realising it Arsenal have actually been the most successful club in the country for the past 7 years – unencumbered by any psychological weakness about the need for baubles, fortified and robust on the balance sheet as a direct result. It is pleasing therefore that they have managed to check their present run before it got seriously out of hand and the worrying prospect of finishing third loomed. With a little touch on the “handbrake” fourth (first) will be ours again, and the rest of them can read it and weep.
