Are Arsenal a Club in Crisis?

When Arsenal lost Thierry Henry to Barcelona, the majority of fans were understanding. They realised that the French superstar had decided to take on a new challenge and after eight years and 226 goals for the club he received a received a rousing reception as he turned out in Arsenal's colours for the final time.

Henry was the talismanic captain of the club and his departure was met with great sadness, but also acceptance. Now the Arsenal fans have witnessed another captain depart for the Spanish giants. This time there is a difference. This is a player at the very peak of his powers.

Henry was already 30-years-old when he left the club, Fabregas is just 24. For the past seven seasons he has been the heartbeat of Arsenal's midfield. The man that was called upon in times of need. His creativity, vision and pure ability have been applauded by opposition fans as he carved out a reputation as one of the finest midfielders in the Premier League.

For many supporters of Arsenal it is a travesty that the club have sold the hugely talented number four. Others will argue that it was impossible to keep the Catalonian from returning back home, to a team that is mentioned in the same breath as the AC Milan side of the early 90's and the great Ajax team of the 70's.

Perhaps the most significant question raised from the sale of Fabregas is;  will it spark a mass exodus from the Emirates? French left-back Gael Clichy, who was the longest serving member of the current squad, chose to join the Manchester City revolution, while Samir Nasri has also had his head turned by the riches on offer at the Etihad.

Should Nasri join Clichy at City then many will argue that they are moving to a club on the ascendancy. Roberto Mancini's side finished above Arsenal last season and having acquired Sergio Aguero, look set to mount a serious challenge on the Premier League.

Meanwhile Arsenal have brought Gervinho, Alex Oxlade-Chamberlain and Carl Jenkinson to the club. In yesterday's Champions League qualifier Chamberlain and Jenkinson where joined on the bench by Emmanuel Frimpong. A hugely talented but still untested youngster. What would most Arsenal fans give to have the likes of David Silva, Yaya Toure, Vincent Kompany and Aguero in north London.

It has been a difficult summer for Arsene Wenger. After a sixth consecutive season without a trophy the last thing the Frenchman needed was his best players leaving. How long will it be before the vultures begin to circle and the likes of Robin van Persie and Jack Wilshere are being linked with moves? If Arsenal finish outside of the top four this season, will players leave to find Champions League football?

Arsenal will not want to lose their new captain Robin van Persie

Unless there is a dramatic change in the philosophy of both Wenger and the Arsenal board then the club may continue to lose players. In an era when there are very few club legends and players seek trophies, Arsenal need to keep up with the likes of Manchester United, Chelsea, Manchester City and even Liverpool.

These clubs have all spent, and are more than willing, to splash £30million plus on players they deem crucial to the clubs long-term success. With £35million brought in from Fabregas and a possible £22m for Nasri, the club have plenty of funds to spend. Will they break their transfer record, which currently stands at £15m for Andrei Arshavin, and make sure they land the right player or will Wenger continue his policy of youth first?