In 2001-02 Arsenal won their second Double under Wenger and the third in the club’s history. The Gunners began the 2002-03 season like an express train and Wenger tentatively suggested that his side was capable of going through the season unbeaten. Clubs in the chasing pack, looking to strengthen, had the new transfer arrangements to contend with. After the start of the season the ‘window’ would not be open to further deals until January. Arsenal faltered in the second half of the season and in the end they had to settle for retaining the FA Cup and the runners-up spot in the league. United, by contrast, went on a blistering run in the new year to claim their 8 th Premiership title in 11 seasons. There was also the prospect of a second European Cup Final appearance, this time at Old Trafford. United managed to beat holders Real Madrid in the home leg of their quarter-fmal clash, but the damage had already been done at the Bernebeu.
The season ended with the England captain departing to join the team that had knocked United out of the European Cup. David Beckham’s name had been linked with several clubs when it became clear that United were prepared to let him go. Real Madrid were one of the few clubs who could afford the ?25 million fee as the inflationary bubble had undoubtedly burst. A significant part of Beckham’s fee was for the acquisition of a unique brand; Real would expect to recoup the ouday in the sales of merchandise as well as in his contribution on the pitch.
Football’s finances
The financial correction that had occurred since the heady days of the 1990s was stark. The collapse of On Digital showed that football was not a cash cow that could be milked at all levels. Leeds fans watched their Champions League semi-final side of 2001 disintegrate before their eyes, hard proof that gambling on a seat at European football’s top table was a high-risk strategy
The parlous state of football’s finances meant that even Champions League qualification was not necessarily a passport to a land of milk and honey. On the final day of the 2002-03 season Chelsea beat Liverpool to secure the fourth Champions League spot. Less than two months later chairman Ken Bates sold his majority shareholding to Russian oil billionaire Roman Abramovich. In seven seasons Chelsea had never finished out of the top six in the Premiership, had twice hfted the FA Cup and also won the Cup Winners’ Cup. And yet the club was ?80 million in debt and Bates admitted that pockets deeper than his were needed to take Chelsea forward.
World History
