Arsenal are living on past successes and unless they can retain Champion League football come next May the value of the club will fall with potential sponsors.
Arsene Wenger continues to state that Arsenal have had 14 consecutive seasons in the Champions League but the message will fall on deaf ears.
In 2006 the club cashed in eight years of shirt-sponsorship income for an aggregate £55m. This and stadium naming-rights income allowed the club to build the Emirates Stadium and grow match-day revenues but has cost up to £20m a year in shirt-sponsorship income at today's prices.
Sponsors focus is towards the future, not the past. Now, as the club goes to market to look for a new deal from May 2014, Wenger is talking to corporates about the brand value of Arsenal's heritage and visibility. Until a new order of sponsorship funding comes on stream, Arsenal fans may have to content themselves with past glories.