The main problem with losing Champions League football is it makes it harder to get back into it. You lose a fair amount of income, making it difficult to spend on players, or pay their wages.

It also makes those players you do want less likely to want to join, since you don’t have the Champions League to offer. That,, in turn, might mean you have to pay more money to convince them, money you don’t actually have.

As well as that, you play on Thursday nights, so even the players you can convince to join will regularly play two matches just a couple of days apart. The impact that has on energy levels and the injury list can be costly.

Alternatively, you can try Arsenal’s method this year of playing different teams in each competition. That can be just as dangerous, as playing once a fortnight isn’t great for momentum.

These problems are likely to compound for every year Arsenal continue to stay out of the Champions League.

The financial issues won’t solve themselves until the club qualify again or pick up a major commercial deal (which is difficult when they’re playing so poorly).

One year of Europa League football probably won’t put too many players off, but two years, with no end in sight, and a squad losing one of their starting line-up every window?

That’s likely to be more of a problem.

I don’t think it’s impossible for Arsenal to get by, especially with a quality front four already tied down.

It’s just going to be much more difficult.

A late push for Champions League qualification would certainly be worth the effort.