Why have Arsenal struggled to sell? Are they at risk of breaching spending rules?

为何阿森纳难以出售球员？他们是否面临违反支出规则的风险？

James McNicholasand Chris WeatherspoonAug. 29, 2025 12:12 pm

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With four days to go in the transfer window, despite an expenditure approaching £250million, Arsenal are still awaiting their first major sale of the summer.

距离夏季转会窗关闭仅剩四天，尽管支出已接近2.5亿英镑，阿森纳仍在等待今夏的首笔重大球员出售。

While some clubs have had similar issues offloading players, others, such as Chelsea and Liverpool, have recouped over £200million apiece.

虽然一些俱乐部在清理球员方面也遇到类似问题，但其他俱乐部，如切尔西和利物浦，已各自通过球员回收了超过2亿英镑。

So why have Arsenal historically struggled to generate that kind of revenue through player sales? And how important is it that they rectify that?

那么，为何阿森纳历来在通过球员出售产生此类收入方面困难重重？纠正这一问题又有多重要？

To try to answer those questions, The Athletic has spoken to a variety of football professionals with knowledge of the situation at Arsenal, who spoke anonymously to protect relationships.

为了尝试回答这些问题，《The Athletic》采访了多位了解阿森纳情况的足球专业人士，为保护关系，这些人士均要求匿名。

Who have Arsenal sold this summer?

阿森纳今夏出售了哪些球员？

Four senior players departed the club for nothing: Thomas Partey and Jorginho left in June at the end of their contracts, as did full-back Kieran Tierney while Takehiro Tomiyasu came to terms with Arsenal on a mutual termination.

四名一线队球员免费离队：托马斯·帕蒂和若日尼奥于六月合同到期后离开，边后卫基兰·蒂尔尼同样合约到期离队，而富安健洋则与阿森纳就协商解约达成一致。

After a season on loan with Lazio, Nuno Tavares joined the Serie A side permanently for a fee in the region of €7m-€8m (£6m-£7m). The permanent transfer was a conditional obligation of the initial loan. Arsenal also sold 22-year-old Brazilian winger Marquinhos to Cruzeiro for a fee in the region of £3million, with a sell-on clause.

租借至拉齐奥一个赛季后，努诺·塔瓦雷斯以约700万-800万欧元（600万-700万英镑）的费用永久加盟这家意甲球会。这笔强制买断是初始租借协议的条件义务。阿森纳还将22岁的巴西边锋马尔基尼奥斯以约300万英镑的价格卖给了克鲁塞罗，并包含二次转会分成条款。

Arsenal hoped to secure a transfer fee for Karl Hein, but the Estonian goalkeeper joined Werder Bremen on loan.

阿森纳曾希望出售卡尔·海因赚取转会费，但这名爱沙尼亚门将最终租借加盟了云达不莱梅。

Why have they struggled to sell?

为何他们在出售球员上遇到困难？

While Arsenal have not been consistently strong sellers, last summer did suggest progress was being made. They recouped more than £80million, notably selling the likes of Emile Smith Rowe, Aaron Ramsdale and Eddie Nketiah.

尽管阿森纳并非一直擅长出售球员，但去年夏天确实显示出进展。他们收回了超过8000万英镑， 尤其是出售了埃米尔·史密斯·罗、阿隆·拉姆斯代尔和埃迪·恩凯提亚等球员。

This was a particularly strong crop of sellable assets: all three of these players were capped England internationals, entering the prime of their careers, and proven Premier League performers. They also all moved within England, enabling Arsenal to extract bigger fees.

这是一批特别优质的可出售资产：这三名球员都是入选过英格兰队的国脚，正进入职业生涯黄金期，并且是经过英超验证的球员。他们也全部转会至英格兰国内球会，这使得阿森纳能够获取更高的费用。

In general, however, Arsenal's sales fall short of some of their rivals. Arsenal are aware of this: it is an area they have targeted for improvement.

然而，总体而言，阿森纳的球员销售收入落后于一些竞争对手。阿森纳意识到了这一点：这是他们需要改进的领域。

One difficulty is the lack of plausible buyers outside of the Premier League. This is not a uniquely Arsenal problem --- the size of Premier League salaries makes it difficult for European clubs to take them on. Players are generally loathe to take a pay cut. When a deal can be done, foreign clubs will invariably look for a discount on the fee.

一个困难在于英超之外缺乏有实力的买家。这并非阿森纳独有的问题——英超的高额薪水使得欧洲其他联赛俱乐部难以接手这些球员。球员通常不愿降薪。当交易能够达成时，国外俱乐部总是会寻求费用上的折扣。

A player who could leave Arsenal this window is Jakub Kiwior. His salary is relatively affordable for European clubs --- at the moment, Arsenal are in talks with Porto. His name was mentioned during discussions with Crystal Palace over Eberechi Eze. Kiwior, however, has been insistent throughout the summer that his preference was to return to the continent --- that is likely to be a limiting factor in any fee Arsenal receive.

一名可能在本转会窗离开阿森纳的球员是雅库布·基维奥尔。他的薪水对欧洲俱乐部来说相对可以承受——目前，阿森纳正在与波尔图进行谈判。在与水晶宫商讨埃贝雷奇·埃泽的交易时也曾提及他的名字。然而，基维奥尔在整个夏天都坚持其首选是回归欧洲大陆——这可能会限制阿森纳所能获得的转会费。

The salaries Arsenal offer are not especially lavish, but sometimes there are queries over strategic choices they make regarding contracts. The decision to improve Leandro Trossard's payment terms, for example, could make it more difficult to move the Belgian on.

阿森纳提供的薪水并非特别丰厚，但有时人们会质疑他们在合同方面做出的战略选择。例如，改善莱安德罗·特罗萨德薪酬待遇的决定，可能会增加未来出售这名比利时球员的难度。

One of Arsenal's primary issues may be Mikel Arteta's tendency to discard players relatively swiftly. Some observers feel that by the time Arsenal come to sell a player, it is often clear Arteta does not consider them good enough.

阿森纳的一个主要问题可能是米克尔·阿尔特塔相对较快地放弃球员的倾向。一些观察家认为，等到阿森纳要出售一名球员时，往往很明显阿尔特塔已经认为他们不够好。

When Arteta loses faith in a player, they tend to disappear from sight --- and this can devalue them in the eyes of buyers. Of the players Arsenal are open to selling this summer, for example, Oleksandr Zinchenko started just five Premier League games last season.

当阿尔特塔对一名球员失去信心时，他们往往会淡出视线——这可能会在买家眼中贬低其价值。例如，在今夏阿森纳愿意出售的球员中，亚历山大·津琴科上赛季仅首发出战了5场英超比赛。

It's not a straightforward situation to resolve --- can Arteta really be asked to pick players as a marketing exercise?

这不是一个容易解决的状况——难道真的能要求阿尔特塔为了“营销”而选用球员吗？

Some suggest Arsenal need to embrace selling players sooner, before the manager's evaluation is quite so clear-cut. Arsenal sold Ramsdale in 2024 for £25million. What might Arsenal have achieved had they sold Ramsdale the previous summer, in which they bought David Raya? At that time, Ramsdale had just been named in the PFA Team of the Year.

一些人建议阿森纳需要更早地接受出售球员，在主教练的评价变得如此明确之前。阿森纳在2024年以2500万英镑出售了拉姆斯代尔。如果他们在前一个夏天（即他们购买大卫·拉亚的那个夏天）就出售拉姆斯代尔，阿森纳本可能获得什么？那时，拉姆斯代尔刚入选了PFA年度最佳阵容。

Another area where Chelsea and Liverpool are particularly strong is sales via their academy.

切尔西和利物浦另一个特别强大的领域是通过青训学院进行销售。

This summer, Liverpool have sold Jarell Quansah, Caoimhin Kelleher, Ben Doak, Tyler Morton and Nat Phillips for fees that could rise to a combined £88million.

今年夏天，利物浦已经出售了贾雷尔·宽萨、凯莱赫、本·多克、泰勒·莫顿和纳特·菲利普斯，这些交易的总费用可能升至8800万英镑。

While some such as Quansah and Kelleher have played plenty of first-team football at Liverpool, the likes of Doak and Morton were given great exposure via the loan market.

虽然像宽萨和凯莱赫这样的球员在利物浦踢过很多一线队比赛，但多克和莫顿等球员则是通过租借市场获得了大量曝光。

Arsenal's academy is certainly producing stars --- Myles Lewis-Skelly, Ethan Nwaneri and now Max Dowman are all making an impression at first-team level. Where they are less strong is in regularly producing strong, saleable assets that can generate revenue for the club.

阿森纳的青训学院当然在培养明星——迈尔斯·刘易斯-斯科利、伊桑·恩瓦内里以及现在的马克斯·道曼都在一线队层面给人留下印象。但他们较弱的地方在于持续培养出能够为俱乐部创收的强大、可出售的资产。

Arsenal have used loans to ship out players they've been unable to sell --- Fabio Vieira, Reiss Nelson and Albert Sambi Lokonga. For a variety of reasons, those loans have not sufficiently showcased those players to attract huge interest.

阿森纳利用租借来送走他们无法出售的球员——法比奥·维埃拉、雷斯·尼尔森和阿尔伯特·桑比·洛孔加。由于各种原因，这些租借并未能充分展示这些球员以吸引巨大的兴趣。

Sometimes, that is entirely out of Arsenal's hands: Nelson had a relatively bright start to his loan at Fulham, but succumbed to a serious hamstring injury in February.

有时，这完全超出了阿森纳的控制：尼尔森在租借富勒姆初期表现相对亮眼，但在二月份遭遇了严重的腿筋伤势。

Nelson's plight touches on another issue for Arsenal --- a number of the players they have been trying to sell have concerning injury records. That was certainly a factor in their inability to extract a fee for Tierney or Tomiyasu. Lokonga is another whose promise has been undermined by a succession of injuries.

尼尔森的困境触及了阿森纳的另一个问题——他们一直试图出售的许多球员都有令人担忧的伤病史。这无疑是他们无法为蒂尔尼或富安健洋换取转会费的一个因素。洛孔加是另一个其潜力因接连不断的伤病而受损的例子。

Arsenal now consider durability a key attribute in their recruitment. Perhaps that will help them achieve better sales in future.

阿森纳现在将耐久性视为引援的一个关键属性。或许这将有助于他们在未来实现更好的销售。

Who could still be sold in this window?

还有谁可能在本转会窗被出售？

As well as Kiwior, Arsenal would be keen to sell Zinchenko, Nelson, Vieira and Lokonga. There are also a number of academy players who could be permitted to leave.

除了基维奥尔，阿森纳还渴望出售津琴科、尼尔森、维埃拉和洛孔加。还有一些青训球员可能被允许离开。

Arsenal are generally in a healthy financial position, with improved commercial revenue and Champions League participation helping to drive record income. They reported a turnover of about £610million in 2023-24.

阿森纳的财务状况总体健康，商业收入的增长和参加欧冠有助于推动创纪录的收入。他们报告2023-24赛季的收入约为6.1亿英镑。

Do Arsenal need to sell? Not strictly, no. But they want to sell. Arsenal want to improve at player trading to generate more funds to invest in the squad, within the financial regulations set out by the Premier League and UEFA.

阿森纳需要出售球员吗？严格来说，不。但他们想要出售。阿森纳希望改善球员交易，以在英超和欧足联制定的财务规则范围内，产生更多资金用于投资球队。

Those rules dictate that if Arsenal want to continue spending at this rate, they will need to offset that expenditure with player sales.

这些规则规定，如果阿森纳想继续保持这种支出速度，他们将需要通过球员销售来抵消这部分支出。

What do we know about their PSR/FFP position?

我们对他们的PSR/FFP（盈利与可持续发展规则/财政公平法案）状况了解多少？

Arsenal intend to remain compliant with football's financial regulations. They do not plan their business in a way that sets out to break rules.

阿森纳打算始终保持遵守足球财务法规。他们不会以企图违反规则的方式来规划业务。

As one of the nine English clubs participating in European competition, Arsenal must comply with the Premier League's profitability and sustainability rules (PSR), as well as UEFA's financial regulations: the 'football earnings rule' and 'squad cost rule'.

作为参加欧洲赛事的九家英格兰俱乐部之一，阿森纳必须遵守英超的盈利与可持续发展规则（PSR），以及欧足联的财务法规：“足球收益规则”和“球队成本规则”。

Despite posting losses for the last six years, the club is on relatively solid footing for PSR. The Athletic previously estimated that they could lose up to £97m in 2024-25 and remain compliant with the Premier League's fiscal rules.

尽管过去六年均报告亏损，但俱乐部在PSR方面的基础相对稳固。《The Athletic》此前估计，他们在2024-25赛季最多可以亏损9700万英镑，同时仍符合英超的财务规则。

With these rules operating on a three-year period, there is the possibility of this summer's outlay impacting on Arsenal's capabilities in future windows.

由于这些规则按三年期计算，今夏的支出有可能影响阿森纳在未来转会窗的操作能力。

UEFA's football earnings rule also runs over three seasons, limiting clubs to €60m in adjusted losses. Under certain conditions, that limit can be increased by €10m per season, for a total of €30m in a three-year assessment period.

欧足联的足球收益规则也以三个赛季为周期，将俱乐部的调整后亏损限制在6000万欧元。在某些条件下，该限额每个赛季可以增加1000万欧元，在三年评估期内总计增加3000万欧元。

The squad cost rule is designed to limit how much clubs can spend on players. From this season, spending on squad costs is capped at 70 per cent of football-related revenue. This rule is perhaps the most challenging for Arsenal to comply with.

球队成本规则旨在限制俱乐部在球员上的花费。从本赛季起，球队成本支出上限设定为足球相关收入的70%。这条规则对阿森纳来说可能是最具挑战性的。

Profits on player sales are included on the income side of the squad cost calculation but, importantly, they are totalled over the previous three years then prorated to 12 months. In effect, only a third of profits made in a given year count as income in the squad cost calculation, but it does also mean a portion of player profits stay in the arithmetic beyond the year in which a sale was made.

球员销售的利润计入球队成本计算的收入侧，但重要的是，这些利润是按过去三年的总和计算，然后按12个月平摊。实际上，特定年份实现的利润只有三分之一会计入球队成本计算中的收入，但这确实也意味着一部分球员销售的利润会在销售发生之年之后继续留在计算中。

Earlier this year, Chelsea and Aston Villa were fined €31million and €11m respectively after breaching both of UEFA's key financial rules. Chelsea and Villa also entered into 'settlement agreements' with UEFA this summer, which came with financial stipulations that have impacted their transfer plans moving forward.

今年早些时候，切尔西和阿斯顿维拉因违反欧足联的两项关键财务规则分别被罚款3100万欧元和1100万欧元。切尔西和维拉也在今夏与欧足联达成了“和解协议”，其中包含的财务规定已经影响了他们未来的转会计划。

Determining where any club sits in relation to UEFA's squad cost rule is difficult. Only player and manager wages count towards the calculation, whereas most clubs simply disclose total salary costs. Worse still, the rule assesses clubs over a calendar year, rather than on the financial year basis which club accounts adhere to.

确定任何俱乐部在欧足联球队成本规则方面的确切位置是困难的。只有球员和主教练的工资计入计算，而大多数俱乐部只披露总薪资成本。更糟糕的是，该规则按日历年评估俱乐部，而不是遵循俱乐部账户所依据的财年基准。

Any consideration of Arsenal's position is assumption-heavy, but their player amortisation figure --- the annual hit to the books stemming from transfer spending --- has rocketed, from £109million in 2019-20 to £171m in 2023-24. A further £250m spend this summer has only increased that figure, and savings on departed players are minimal by comparison.

对阿森纳状况的任何考量都充满假设，但他们的球员摊销数字——即转会支出每年对账面的影响——已急剧上升，从2019-20赛季的1.09亿英镑增至2023-24赛季的1.71亿英镑。今夏进一步2.5亿英镑的支出只会增加这个数字，相比之下，离队球员带来的薪资节省微乎其微。

There have been sizeable additions to the wage bill too, not only in Viktor Gyokeres, Martin Zubimendi and Eze, but also through big new contracts handed out to Lewis-Skelly and Nwaneri. Unlike on the amortisation side of things, Arsenal have made chunky offsets by shifting some big earners, such as Partey and Jorginho.

工资账单也有大幅增加，不仅因为签下了维克托·约克雷斯、马丁·苏维门迪和埃泽，还与刘易斯-斯科利和恩瓦内里签下的大额新合同有关。与摊销方面不同，阿森纳通过送走一些高薪球员（如帕蒂和若日尼奥）实现了可观的抵消。

The Athletic's projection for Arsenal in 2025 has them nearing UEFA's 70 per cent squad cost ratio limit. That's true even after accounting for around £20m extra in Champions League prize money last season, as well as matchday and commercial income increases.

《The Athletic》对阿森纳2025年的预测显示，他们正接近欧足联70%的球队成本比率上限。即使考虑了上赛季因欧冠增加的约2000万英镑奖金收入，以及比赛日和商业收入的增长，情况依然如此。

These are, of course, just estimates, and no one outside the Emirates knows where exactly Arsenal are placed. Arsenal themselves maintain that they do not anticipate or plan on a breach.

当然，这些都只是估算，酋长球场之外无人确切知道阿森纳的具体位置。阿森纳自己则坚称他们并未预期或计划违规。

It's clear however that sales in the remainder of the window would ease any worries --- even if only a third of any player profits made this window will count towards their 2025 calculation.

然而，很明显在转会窗剩余时间里完成球员出售将缓解任何担忧——即使本转会窗实现的任何球员利润只有三分之一会计入他们2025年的计算。

Could that impact the remainder of this window?

这会影响本赛季转会窗的剩余时间吗？

Remarkably, Arsenal's incoming business may not be done. If they can secure a buyer for Kiwior, they would like to sign Bayer Leverkusen's left-sided defender Piero Hincapie.

值得注意的是，阿森纳的引援业务可能尚未结束。如果他们能为基维奥尔找到买家，他们希望签下勒沃库森的左边后卫皮埃罗·因卡皮耶。

Hincapie has a release clause of €60million (about £52m), but Arsenal hope to negotiate a more favourable price. Even so, acquiring the 23-year-old would require another substantial investment.

因卡皮耶有一条6000万欧元（约5200万英镑）的解约金条款，但阿森纳希望谈判一个更优惠的价格。即便如此，收购这位23岁的球员将需要另一笔巨额投资。

If Arsenal are getting close to the mark on any financial regulations, the precise terms of any deals they strike --- and the financial period in which the deal technically falls --- could be vital.

如果阿森纳正在接近任何财务规则的红线，那么他们达成的任何交易的具体条款——以及交易在技术上归属的财务周期——可能至关重要。

Arsenal have held talks with Porto about a possible loan with obligation for Kiwior. Although that would defer Porto's payment, a true obligation would mean the deal was accounted for this year.

阿森纳已与波尔图就基维奥尔可能的有强制买断义务的租借进行了会谈。虽然这会延迟波尔图的付款，但真正的强制义务意味着这笔交易将计入今年的账目。

The same would be true if Arsenal struck a loan with obligation deal for Hincapie --- if the permanent transfer was guaranteed, the deal would go into this year's accounts.

如果阿森纳就因卡皮耶达成带强制买断义务的租借协议，情况也是如此——如果永久转会得到保证，那么交易将计入今年的账目。

The same is not true of an option. When Arsenal struck a loan with option agreement for Raya in 2023, it meant the £27m permanent deal could be accounted for in the following year.

选择权则不同。当阿森纳在2023年与拉亚达成带选择买断条款的租借协议时，这意味着2700万英镑的永久转会交易可以计入下一年度。

Another route for these deals could be a conditional obligation. This is when the deal is automatically made permanent if certain stipulated criteria are met. In such cases, the deal cannot be considered guaranteed, and so any permanent transfer can be recorded in the following year for financial fair play purposes.

这些交易的另一种途径可能是附带条件的强制买断义务。这是指如果满足某些特定标准，交易将自动转为永久。在这种情况下，交易不能被视为有保证的，因此出于财政公平目的，任何永久转会都可以记录在下一年度。