Rating Arsenal's transfer window

How did Arsenal do this summer?

The transfer window is shut; long live the transfer window!

Arsenal made a pretty big dent in its squad from June to August, dropping approximately £92 million in transfer fees for five incoming players and raising approximately £70 million guaranteed (more coming via clauses and add-ons) on an outgoing 11.

Arsenal’s squad numbers at first dropped down but have since rebounded, and while injuries are already running amok, depth should be better this season.

For the second year running, I want to run through Arsenal’s business deal-by-deal and offer my two pence on each deal. I’m operating in a bit of a vacuum on each deal, but I fully acknowledge Arsenal and other clubs are working in a way where each deal affects the other.

My rubric is going to be like one of the tougher professors or teachers you’ve ever had. And keep in mind I’m not just grading on quality of player; I’m grading the finances of the deal as well. Of course, this is based on what we know today and what we expect to happen, and like most recaps of offseason movement, it’s sure to look silly in three years.

Reiss Nelson joins Fulham on loan

Reiss’s move to Craven Cottage was last chronologically, but let’s tackle it first as it’s pretty boring from a debating standpoint. With his minutes already low and Raheem Sterling joining, Arsenal moved Nelson to play alongside Hale End’s Emile Smith Rowe and Alex Iwobi. There are reportedly no options in this deal, making it likely Reiss is back at Colney next June, but Reiss gets a chance to play legitimate minutes for a decent club, while Arsenal get rid of his wages for a year. There was some debate over whether Arsenal should have kept him for additional insurance, but I find that too doomer-coded. Grade: B

Fábio Vieira joins FC Porto on loan

The chatter around Fábio has pretty consistently been built on a foundation of “too skinny” and “skilled but needs time,” with opinions diverging from there. I’m a Fábio backer, and do think he’s played well in his spot starts when Ødegaard has been injured, with a few nifty bench cameos as well, but his injury last season really stopped him from growing into the role. Arsenal reportedly secured penalty clauses on this deal that pay out extra if Vieira doesn’t play enough. That’s a huge deal, and of course Fábio gets a chance to shine again this season. Whether this is a shop window or a more Elneny-esque return to the club remains to be seen. Grade: A-

Karl Hein joins Valladolid on loan

Love this. Love everything about this. Hein was closing in on a move to League One when Valladolid swooped, and they’ve been using him. This is a huge deal for the player and will improve the club’s odds at selling for a better price later (or keeping him as number two). Grade: A

Nuno Tavares joins Lazio on loan with obligation

This move set a positive tone for other outgoings to come. Arsenal and Lazio reportedly agreed on a season-long loan for Nuno with an obligation in the neighborhood of £7m, matching the fee Arsenal paid to get the player. Nuno had a bright first couple of games at Arsenal but fizzled out due to his poor defending, which contributed to the Gunners falling short of the Champions League his first season. He then burned bright for short stints at Marseille before making himself persona non grata toward the end of that season, and later joined Nottingham Forest on a loan-plus-option that was not triggered since he barely played. Things look good for Nuno at Lazio so far, as he bagged two assists in his debut outing against Milan, despite a preseason injury. Arsenal will come out ahead on this player and still retain an undisclosed sell-on clause, always an accomplishment for a depth/bench project who never caught on (and had hard luck on loans). Grade: A-

Albert Sambi Lokonga joins Sevilla on loan with option

Sambi was one of the first outgoings, and at the time he definitely set off some sirens among the fan base. He joined Sevilla on a loan with an option for a purchase of about £10m, which some fans found underwhelming. This move seemed motivated by the player, with reports leaking that Fiorentina would’ve made a permanent move happen but Sambi liked Sevilla. Sambi has so far started two games in La Liga, so it looks like he’ll be a key player in Seville. And if the buy option is triggered, Arsenal reportedly have a significant sell-on as part of their arrangement. But that would still need to happen for Arsenal to make the handful of extra million I was expecting. Grade: B-

Aaron Ramsdale joins Southampton for £18m + £7m

I took a pretty hard-line stance when Arsenal signed David Raya, mostly because I felt like the extension handed out to Ramsdale only a couple of months earlier was foolish in hindsight. While the result was quite good, it took until deadline week for Ramsdale’s market to finally activate, and you can bet his wages had a big say there. So it’s a big of a step backward and then a step forward here. The move to St. Mary’s is a very good one for Arsenal, and I was heartened when I read that just £1m of the £7m in add-ons are linked to Saints staying up. I’m deducting on the grade here because of the extension, but overall this result is good. Grade: B

Eddie Nketiah joins Crystal Palace for £25m + £5m

Nothing but positives here. Though the Nketiah saga was the most dramatic of the summer, with plenty of near-crises, Arsenal got their number and Eddie got his move. I’m over the moon for him, as I feel he’s been in a nearly impossible position at Arsenal going back years now, when the only loan he ever got was to Bielsa’s Leeds, where he sat behind Leeds-owned Patrick Bamford despite the coach liking him. Eddie was key down the stretch more than once for Arsenal, and while underappreciated, I think those who know ball can recognize his import. And what’s more, this move completely vindicated the decision to extend his contract in 2022, paying off and then some. Grade: A

Emile Smith Rowe joins Fulham for £27m + £7m

I really thought Emile would stay, but this is the best outcome going the other direction. In finding two coaches who still believed in him, Arsenal were able to create a stronger market than they could have otherwise, with Fulham eventually landing on the £27m base. Emile has already been thrust into the starting AM role under Marco Silva, and I hope he inspires lots of “shouldn’t have sold him” posts. Grade: A

Neto joins on dry loan

The backup keeper narrative was a little weird. Many just assumed that, since they liked Joan Garcia, Arsenal would fork over the £25m to pay his release clause. That would’ve been an odd decision in my eyes, as Raya is still young by keeper standards and has something like five years left in his reign as starter, at minimum (barring another ruthless replacement moment). Neto is cup-tied in the Carabao already, which isn’t ideal, but isn’t that big a deal either. He’s played in the league for enough time to be relied upon somewhat, but he’s obviously nowhere near Raya and wouldn’t play to his level if an injury occurred. But I would rather go this route on a backup keeper than spend the big money. Grade: C+

Raheem Sterling joins on deadline-day loan

Here’s a sentence I wasn’t expecting in May: Sterling joining Arsenal on a dry loan was the only thing that saved this window for some Arsenal fans. I’ve seen some think he may overtake Trossard in the pecking order, while I’m a little lower on that idea overall. But the important thing is Sterling offers a good enough level that he can take any of the three spots up front for a single PL or CL game if someone is ill or injured. And while he couldn’t replace Saka on a long-term injury, he would be an upgrade over Nelson. So I like that element of the move, but it’s also important to talk about the money here. Arsenal are paying about £100,000 per week for Sterling with no loan fee and no options forced into this deal by Chelsea, and there really isn’t a con-free out for the Blues here. They played themselves into a corner, and Arsenal took advantage. Grade: A

David Raya’s £27m buy option is triggered

Not much to say here, Raya has been great since joining. When you look at the money other PL clubs have paid for keepers, this is relatively cheap. Grade: A

Riccardo Calafiori joins for £34m + £8m

This move checks all the boxes for me. Arsenal could have paid Bologna’s full asking price for the Italian It Boy but held out and got a better price for him. In doing so, they’ve added a versatile defender who should also help in attack. And if it falls flat, the price stays lower. I really like Calafiori, and getting him in on £120k per week, the White wage, is a good get as well. Grade: A-

Mikel Merino joins for £27m + £4m

The shoulder injury has harshed some of the buzz on Merino, but I believe this will be the impact signing of the season for Arsenal. £31m is a little high for his age and expiring contract, but Real Sociedad rarely let a player walk for cheap (look at Alexander Isak’s process of getting out from there). When he returns, Merino will endear himself to fans and Martinelli alike with his ability to combine with teammates and win basically every ball in his area. We’ve yet to see the wages, but I’m expecting similar to Calafiori on his four-year deal, which I’d feel good about. Grade: B

Final thoughts

Overall, the unfulfilled search for a more “difference-maker” type of attacker definitely soured this window for a number of Arsenal fans. While Nico Williams was the name many talked themselves into, the Spaniard never seemed willing to leave for anyone other than Barcelona (and let’s keep that in mind for next summer), so even if he has a release clause next summer too, let’s keep that in mind. There are other attackers who check the “big, sexy name” box, but the likes of Leão, Kvaratskhelia, Gyökeres or Osimhen were all either unavailable at a decent price, or unavailable, period. Can’t blame the club for that.

The Merino deal can be criticized somewhat due to the player’s age, but this works for a few reasons. First, it brings in a player who’s ready now (unless he flops, then he’s never going to be ready). Second, it gives Arsenal the chance to make a move in a future window when someone more universally worth the boat-push (apologies to Ebe Eze) can be purchased. And third, it leaves a spot open for Ethan Nwaneri.

One final thing I’d say about this window: There’s a portion of fans who simply cannot be swayed on Edu doing well at this gig, and those fans weren’t moved by the numbers this summer. They won’t be moved anytime soon. But I think a more fence-sitting group was likely pleased by the numbers Gaspar pulled in for Nketiah and Smith Rowe in particular, and that’s a great start in setting up a new narrative.

Edu OGs like yours truly will continue to point to Iwobi, Willock, Xhaka and Balogun as the first signs that this guy can actually sell when the product is of good quality. But hey, that’s a discussion for another day.

Happy International Break! Keep your eyes peeled for a full rundown of the Premier League transfer window later this week.