The Joe Cole transfer story has been about as up and down as you would expect. I really struggled to think we had a chance with him. I still do and I think it is the reason we got through the hard times of the stadium move and managed to stay in the CL all the time. Wenger has a very rigid pay structure at the club and the players understand where their position in that is and it works. Even if many people think players are over-paid. Theo would be the highest paid player at Everton for example.

I think Joe Cole is a class player and would do a good job for Arsenal but you have to ask the question about his value to the club. Whoever he signs for will have to pay him a six figure weekly salary. This is not only a risk because it is a huge amount of money but given his injury history he could be like Harry Kewell or Owen, costing us about £1m a game he actually plays. Secondly think of how much it would upset the star players in the squad who are paid less than him.

If players wanted parity with him it could boost the clubs wage bill up by millions annually. This would prove problematic. We have lost Gallas who was on about £80,000 a week, Silvestre and Senderos would have been on about £30,0000 each so effectively it would stay the same in terms of actual cost but not when you factor in all the other costs.

I could see Spurs breaking the bank for him because they are happy pouring money away and United still need to replace Ronaldo, Cole would come close.

Arsenal are still not wealthy enough to be one of the big boys. Look at the way Barca are bullying us. We might have to ride out this storm and accept that we are in it for the long run.