Arsenal transfer delay explained as Mikel Arteta faces two-week Edu wait for first deal

Mikel Arteta and Edu Gaspar enter their third summer transfer window together as a manager-sporting director axis. Whilst it is easy to big up the present, this one might just be the most important.

Having gone from Champions League qualification fighters to title challengers within the first two summers, the task is now to go one further. And despite the groundwork having been down since Edu moved from technical director to sporting director in 2022, there are now 10 weeks of vital activity ahead.

After revamping the squad and overhauling an ageing group with younger players who have grown together, Arsenal now need to push on and attempt to bring in the silverware that justifies their transfer outlay in the past few years. With astute work to bring in Gabriel Jesus and Oleksandr Zinchenko in 2022 and then the trio of Kai Havertz, Declan Rice, and Jurrien Timber last summer with Leandro Trossard, Jorginho, and Jakub Kiwior in the middle, bigger obstacles await.

Not only must Arsenal navigate past the two major international tournaments this summer - Euro 2024 and the Copa America - plus the Olympic games in the mix, but there are also financial cut-offs to consider. Like many clubs across the division, Arsenal are bound by the profitability and sustainability regulations.

Allowing for a £105million loss over a rolling three-year period, PSRs have risen to notoriety in the last 12 months. Clubs have now been warned that serious sporting sanctions can and will follow if they are broken, and as with other sides, Arsenal are thought to be pushing the line.

Even with enhanced revenue from Champions League football, prize money from the Premier League, and commercial deals enhancing the financial position, a lack of significant player sales has put Arsenal in a tight place. There are reasons on the footballing side as to why Eddie Nketiah, Emile Smith Rowe, and Aaron Rasmdale (among others like Thomas Partey, Fabio Vieira, Reiss Nelson, and even Jesus plus Zinehcnko) could be sold.

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But in a financial sense there are a group of assets that are more valuable as being sold rather than making occasional impacts from the bench. Although Arsenal don't have to sell before they buy, their financial situation is not as strong as it could be.

They have not, for example, made any notable sales in the past two years. It leaves them without the wiggle room across PSRs to make substantial signings before June 30. After that and there is a long period to ensure that the 2024/25 accounts are in order.

What it may well mean is that even with interest in players like Joshua Zirkzee, Bruno Guimaraes, Amadou Onana, and others, it is unlikely to come until July at the earliest. Throw in the complications of the international tournaments plus pre-season preparations, and it could be a while before Arsenal really get down to business.