Arsenal transfer plans affected without Champions League - Arteta

Arsenal manager Mikel Arteta has said that failure to qualify for the Champions League for a fourth consecutive season could mean that the club will struggle to attract top talent.

Arsenal's hopes of qualifying for Europe's elite club competition this season were dented after they crashed out of the Europa League at the hands of Olympiakos on Thursday.

"It's a no-brainer," Arteta told reporters when asked if it was easier to sign players with Champions League qualification secured.

"Every player in the world wants to play Champions League and if you talk about having this option on the table, players are much more open to join or renew their contract."

The north London club, who sit in 10th place in the Premier League, have been given a lifeline for Champions League qualification after Manchester City were handed a two-year UEFA competition ban that could mean this season's fifth-placed team could qualify.

"We're in that situation because we haven't performed as well as the other top four clubs. That's the reality and we have to face it," Arteta added.

Arsenal announced last week that the club had made a £27.1 million ($34.7m) in the financial year ending May 31, 2019, and Arteta said that missing out on qualification for another season would have a big financial impact.

"The damage caused by the club not being in the Champions League for the third season is really big," he added.

"The structure of this club is built to be in the Champions League and you can sustain that for a year or two, but then after that you have to start making decisions."