Arsenal’s decision not to sell Alexis Sanchez is influenced by long-term economic factors.

• Arsenal cannot afford to have multiple seasons out of the Champions League
• Alexis would have a vital role to play in getting Arsenal back into the competition
• Arsenal will want Champions League football in time for kit deal negotiations in 2019

So far, the Alexis situation has been pained in black and white. They either sell the player for a reported £50m, or keep the player and lose him for nothing next summer.

The latter is regarded as something completely unthinkable for Arsenal, as a club often perceived for valuing its finances over sporting success.

David Hynter of The Guardian, however, believes there a number of good financial reasons for Arsenal to keep Alexis at the club.

One is that Arsenal cannot afford to go multiple seasons without Champions League football, as the long-term revenue loss would hurt them.

For Arsenal to get back into the Champions League as soon as possible, they need Alexis to stay at the club more than they need £50m for him. It would, after all, be very difficult to replace the Chilean.

The other big reason is that Arsenal’s current kit deal with Puma expires in 2019, and Arsenal will want to be in the Champions League to ensure they can get the best possible deal. Again, keeping Alexis would be more beneficial than selling him would be.

In effect, Arsenal are hoping that a short-term risk will result in some long-term benefits. Currently, losing Alexis on a free next season isn’t very damaging to Arsenal, at least on a financial level.