That’s according to Lee Dixon, who has watched his former side lose 4-1 to Chelsea in the Europa League final.
Arsenal face a third consecutive season without Champions League football and manager Unai Emery faces a tough job chasing new faces as a result.
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They have not won a league title since 2004, but the manager is hopeful of the club’s name is still a big enough draw and could use their past success to point to a potentially bright future.
“History doesn’t win you anything. History doesn’t win you games,” he told Five Live after the game.
“The thing is you talk about the big player coming in, it’s the mentality at the club.