Mikel Arteta and Andrea Berta have plenty of work to do in the upcoming transfer window or two as Arsenal look to establish the foundations of a dynasty.

In the last five years, Manchester City have blown Arsenal out of the water in the recruitment department, yet Mikel Arteta has still managed to stifle those who an independent commission found guilty of all charges related to breaches of the Premier League's financial rules.

A recent study by the CIES Football Observatory explored the appreciation and depreciation in value of non-academy players signed by clubs, whose spending and sales, which include add-ons, regardless of whether they've been paid or received, and sell-on clauses, exceed €50m (£42.3m) over the past five years.

In layman's terms, the investigation looked at which teams are best at signing players, usually for a shrewd fee or as free agents, and then either selling them for a profit or developing them to add value to their squads.

Eintracht Frankfurt topped the charts with an appreciation of €527m (£445.9m), comprising €293m (£247.9m) in sales and a €234m (£198m) increase in the value of those still under contract. The Bundesliga outfit was closely followed by Real Madrid; they only raised €27m (£22.9m) in sales but boosted the squad value by €499m (£422.3m).

Make sure you never miss the latest Arsenal news and opinion by making Football London one of your Google preferred sources.

Los Blancos did so by signing Kylian Mbappe on a free transfer and Arda Guler for just €30m (£25.4m), who both boast meteoric valuations. Paris Saint-Germain, Benfica, and Manchester City ranked third, fourth, and fifth, recording appreciation values of €490m (£414.6m), €488m (£412.9m), and €447m (£378.3m), respectively.

At the other end of the spectrum, from fifth-bottom to last, were Al Ittiad (-€175m/-£148m), Tottenham Hotspur (-€188m/-£159.1m), Al Nassr (-€229m/-£193.8m), Manchester United (-€405m/-£342.7m), and Al Hilal (-€502m/-£424.8m), conceding huge losses, on and off the pitch.

Although Arsenal recorded an appreciation value of €110m (£93.1m), they trailed the likes of Manchester City, Bournemouth, Brentford, and Brighton by quite some distance. The Gunners rubbed shoulders with the likes of Leeds United and Everton in the midriff of the findings.

In fact, over the last five years, there has been a €337m (£285.2m) disparity in appreciation value between Arsenal and Manchester City, highlighting just how effectively the latter have been able to sign, nurture, and sometimes sell emerging talent.

Of course, the Citizens were recently found guilty of all charges related to breaches of the Premier League's financial rules over a nine-season period, spanning 2009/10 to 2017/18.

They were also found guilty of the majority of charges related to their failure to cooperate with the investigation. Manchester City lodged an appeal at the start of October.

Not all of those who comprised the 2017/18 squad remained at the Etihad in 2021, casting the net back to the start of the CIES Football Observatory's five-year window, but many did, like Gabriel Jesus, Phil Foden, Bernardo Silva, Kevin De Bruyne, Ilkay Gundogan, John Stones, Aymeric Laporte, Kyle Walker, and Ederson.

Despite not being able to compete with Manchester City over the last five years in the recruitment department, with regard to signing upcoming talent for shrewd fees, and then knowing when to cash in, Arsenal still found a way to get their hands on the Premier League title.

It must also be said that since Andrea Berta took the reins in March 2025, the Gunners have adopted a win-now mantra, as reflected in many signings. Even before the Italian was appointed sporting director, Arsenal signed Declan Rice from West Ham for £100m, plus £5m in add-ons.

The England international has been a sensational addition, establishing himself as one of the world's best midfielders. Generally speaking, due to his price point, though, it's a lot harder to become a £150m-rated player as someone who's just joined a European giant for £100m than say a £30m-rated player who's about to burst onto the scene or unlock their full potential.

So, for that very reason, questions need to be asked. But, of course, at face value, Arsenal need to engage in shrewder business if they want to become self-sufficient and build a dynasty at the very highest level...