Arsenal have qualified for Europe’s premier club competition in every one of Arsene Wenger’s 17 years in charge of the club, but with Everton just a point behind them in the race for fourth, there is a real possibility that Arsenal could miss out on returning again next season.
Champions League revenue is vital to the Gunners' finances, with a minimum of £35 million generated from participation in the competition.
Arsenal tied a number of players to new contracts in recent months and reportedly ensured that there was a clause inserted in their new deals that ensured a wage reduction should the Gunners fail in their bid to qualify for the Champions League.
The Arsenal board is aware of the financial consequences that they could face should they not be in the Champions League and with the squad needing key areas strengthened again in the summer, a loss of revenue could damage their chances of recruiting the top players required to mount a title challenge next season.
Player wages are the main drain on the club’s coffers and the Gunners have ensured that they can cut those outgoings in the event that they are forced to play a season in the Europa League.