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Keeping Sanchez is a long-term decision

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Arsenal's refusal to sell Alexis Sanchez is influenced by long-term economic factors.  With Manchester City and Paris Saint-Germain interested, they could probably get £50m for him now, whereas they will receive nothing when his contract expires in a year's time.

Sanchez had indicated that he wanted to leave the club in an interview last weekend, citing a desire to play in the Champions League next season.

Not being in the Champions League costs Arsenal £40m a year and they reckon that their chances of returning would be boosted by the presence of Sanchez.   They are aware that when Manchester United were out of the Champions League they had to pay inflated salaries to get A-list players to compensate them for not being in the elite competition.   The longer the club is out of the Champions League, the more these hidden costs rise.

£50m would certainly not buy a player of sufficient quality in the current market.   Arsenal are in a strong financial position as demonstrated by the £44m fee they paid Lyons for Alexandre Lacazette, the France striker.