Arsenal risk losing their place among football’s financial elite unless they can arrest their sporting decline. 

That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively after Forbes revealed the 20 most valuable football clubs.

Arsenal are 8th in that list and valued at approximately £2billion, more than the likes of Paris Saint-Germain, Juventus and Tottenham.

But the Gunners are the only team in the top 14 not to have featured in the Champions League this season.

Maguire warns that Arsenal could be hit hard in the balance sheets as fans and sponsors become disenfranchised.

He told Football Insider correspondent Adam Williams: “I think Arsenal are trading on legacy and memories to a certain extent. 

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“They do have a global presence which is helpful in the club’s ability to market itself to commercial partners.

“Although that is diminishing on the back of not qualifying for the Champions League for so long.

“The other good thing for them is they have a stadium worth £100million a year.

“Arsenal have been second only to Man United over the course of the last decade in matchday income.

“Those are the positives from Arsenal’s point of view. But it will become increasingly difficult to persuade fans to renew season tickets at what are high prices.

“Will they be happy to pay out top dollar for a club that is not challenging for Champions League places?

“Also, when it comes to the renewal of major sponsorships, Arsenal are in danger of dropping off the table in terms of their desirability.

“They don’t want to find themselves competing with West Ham, Everton etc in that particular market.”

Arsenal could still qualify for the Champions League by winning the Europa League this season.

Mikel Arteta’s side are 10 points behind 4th-place West Ham in the Premier League table and unlikely to qualify via the conventional route.

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