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Good times in sight for Arsenal?

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As Arsenal hold their annual meeting with calls for the club to spend some of their cash reserves on players, their chief executive, Ivan Gazidis, insists that good times are just around the corner.

Well, maybe, but it's a bit like chasing the elusive end of the rainbow.    Their strategy is built around the idea that their virtuous prudence will be rewarded when financial fair play kicks in and big spending clubs pay the penalty.

But that depends on how stringent the penalties are and how rapidly and effectively they are enforced.  A legal challenge from an adversely affected club remains a distinct possibility.