Louise Taylor charts the decline in financial fortunes of the club once known as the Bank of England

Few people, not even Alex Ferguson, appear capable of ruffling Arsene Wenger's composure but Harry Kewell might have succeeded in perturbing Arsenal's manager.

In opting to rebuff Wenger in order to sign for Liverpool, Kewell perhaps betrayed a personal instinct that Arsenal's fortunes may be on the wane. Ironically, at the same time, Chelsea's sudden elevation to becoming the richest club in London has made the Gunners' decline in fortune doubly galling. After all, it was Arsenal who used to be called the Bank of England club.

Tellingly, at the end of last season Wenger was asked a question about the ephemeral nature of success. "It's always fragile and especially so in football," replied Arsenal's manager following his side's easy four-goal victory at Sunderland.

"I feel sorry for Sunderland," Wenger continued. "Two years ago they were challenging for Europe and now they are relegated; things change so quickly in football though. It's all extremely fragile."

No one is remotely suggesting Arsenal are destined for the Nationwide League next year but after being turned down by Kewell, cruelly teased by Patrick Vieira and feeling the rough edge of Dennis Bergkamp's tongue, Wenger may be wondering whether the title, let alone the European Cup, is really a feasible proposition next season.

Indeed, despite winning two Doubles, Wenger's Gunners have not quite managed to properly puncture Manchester United's domestic hegemony - or conquer Europe.

And, with Kewell having yesterday confirmed he will take his talents to a more prosaic Liverpool side not even in the Champions League, Vieira still shilly-shallying over a new contract, despite assertions last week that he had inked a new deal, and Bergkamp having the hump over Arsenal's offer of a fresh one-year deal on a significantly reduced salary, Wenger may wonder if his side's grip on glory is becoming dangerously slack.

Matters haven't been made easier with the news that Robert Pires and Milan are conducting a flirtation which threatens to be more serious than just another silly-season dalliance fuelled by agents and the tabloids.

If Ken Bates gets his way, Pires would not need to de-camp to Italy. With uncanny prescience, he poured scorn last April on speculation that Wenger was poised to bid for either John Terry or William Gallas declaring: "I rather think we'll be buying from them rather than the other way round." Should Roman Abramovich's Chelsea suddenly start shrugging off years of under-achievement and begin out-performing Arsenal, the Highbury board - which has opted to concentrate on building a new 60,000-capacity stadium rather than investing in the team - may even be asking to borrow a few of Abramovich's leather-jacketed, minders.

The Arsenal camp insists its manager has £10 million to spend this summer, regardless of outgoings, but there is some disquiet that Danny Fiszman, Arsenal's majority shareholder, is so committed to the new stadium project that he is devoting most of his time to plotting the move, leaving David Dein - who favoured the cheaper option of sharing Wembley - to appease Wenger.

Yesterday's disclosure from Bergkamp's agent, Rob Jansen, that Arsenal's offer to his client was "too embarrassing for words" seems to vindicate Bates's assertion that the Gunners are cash-strapped.

There has been a lack of activity in strengthening the defence and Wenger has yet to sign a replacement goalkeeper for the departed David Seaman. One of their targets, the Turkish goalkeeper Rustu Recber, has opted for UEFA Cup football with Barcelona rather than Champions League qualified Highbury. Salvation may be on the horizon, however, in the shape of Argentinian 'keeper Sebastian Saja, whom Arsenal are believed to be close to signing.

Nor are players coming through the ranks. The only successful youth-team graduate has been Ashley Cole and it could be said that Arsenal lack the old Tony Adams spirit. The determination which saw Adams round on the dressing room following a home defeat by Blackburn in the 1997-98 season and demand that Vieira and co give the defence more assistance.

Vieira rallied to the call and transformed himself into the league's finest enforcer but if he or Henry decided to accept an invitation from Chelsea, then Wenger's Arsenal really might start looking fragile.