Jamie Carragher said that Arsenal is yet to master the art of selling players quite like Liverpool and Chelsea.
The Gunners spent more than $300 million during the summer transfer window, but only brought in slightly more than $10 million from player sales.
Liverpool's gross spend was significantly higher than Arsenal's, but the money the Reds received from player sales means their net spend was much lower. Chelsea, meanwhile, brought in close to $400 million from outgoing players during the summer window.
Carragher referenced that as he spoke about Arsenal's pursuit of its first trophy under Mikel Arteta since the FA Cup he won during his first season with the club in 2020.
"I think a couple of years ago we would say, 'Arsenal still need to win something under Mikel Arteta,' now we’re fully at that stage," Carragher said on CBS Sports.
"But for me I don’t even think it’s the FA Cup or the Carabao Cup. That would be nice but when you look at Arsenal’s team and squad, it’s what you expect to see at Real Madrid or PSG.
"Arsenal have to go really, really close this season. In terms of Mikel Arteta you have to look at the spending. I know Liverpool have spent a lot more this summer, no doubt.
"But in terms of a club Arsenal don’t sell well, they don’t sell any players. Liverpool and Chelsea do, they bring a lot of money in to give them the chance to spend big.
"Arsenal don’t but in terms of the top of the club they’ve still backed Arteta to the hilt, continually spending money to create this squad. He has to pay them back now."
Liverpool committed over $100 million to three separate signings in the summer, with Alexander Isak, Hugo Ekitike and Florian Wirtz all commanding huge fees, while Milos Kerkez, Jeremie Frimpong, Giorgi Mamardashvili and Giovanni Leoni also cost significant sums.
The sales of Darwin Nunez, Luis Diaz, Jarell Quansah, Ben Doak, Caoimhin Kelleher, Trent Alexander-Arnold, Tyler Morton and Nat Phillips helped to partially offset that spend.
Chelsea, meanwhile, signed nine players but sold 14, while also securing a loan exit for Nicolas Jackson to Bayern Munich, which includes an obligation for the German club to sign Jackson permanently next year.