Famous financial guru Alan Greenspan referred in a famous quote to ''irrational exuberance'' - some time after which the dot-com bubble in the US crashed. But  I feel this quote is very apt to today's Premiership, which is burgeoning from mega-deals with Sky and piggy-backing on the largesse of their owners.

You have mid-table clubs behaving like Real Madrid, and trying to buy everyone under the sun. Obviously, this has led to inflated player prices and mass hysteria among supporters over expectations for the future.

But with only one Premiership champion, four UEFA Champions League spots and a few UEFA Cup places available, not everyone can reach the pinnacle. When the required degree of success is not achieved, what happens to the expectations of the fans, and now much more importantly the expectations of the club owner?

'I can really fall asleep seeing Chelsea or Liverpool play. In fact, I believe loads of people actually did fall asleep while watching that much-hyped and really boring Champions League match'


The biggest of them all, Roman Abramovich, seems to have become bored with it all since Chelsea have continually failed to win Champions League. His visits to Stamford Bridge seem to have lessened to quite a degree, and more importantly his cheque book has apparently closed. Still, he can sleep more comfortably at night than most club owners, even if his investments have not given him the returns or the trophy he most craves.

The less wealthy clubs really have to look after their investments. Apart from Newcastle's new owner Mike Ashley, I feel that virtually everyone wants to make money out of their clubs. It is a great thought right now to own a club if one has the means, but it is not so much of a good idea when the returns dwindle, which they will tend to do sooner or later. Plus, it is notoriously hard to make real money in football.

In this crazy atmosphere, I am convinced that only one club will survive all this and, more importantly, dominate by the end of it. It is Arsenal. Not Liverpool, not Manchester United, not Chelsea, and definitely not Tottenham.

Liverpool have a great history and fanatical support, but do not have the requisite financial muscle of, say, the biggest of clubs. They depend on the largesse of their owners for big chunks of money, both of whom are not in the really serious end of the billionaire league. If they build a new stadium, they will have to go slow on the transfers. Which is really against the ethos of Rafa Benitez, who has convinced both fans and board that buying is the only way out.


Rafa has already burnt close to £100 million and looks to burn a lot more. And most of us will agree that he has had very little success to show for it. So when his way of achieving success is snubbed, if Liverpool decide to build a new stadium, then where does it leave him - and more importantly the club?

Manchester United look great, have achieved recent well-deserved success, and have the biggest stadium and fan base. On the face of it, all looks well. But two things are against them. First, the huge amounts of loan they have taken on account of Malcom Glazer. People point at the Arsenal debt, but you really have to look here for real trouble. The situation looks to be untenable. It can all fall very quickly if things get a little rough. And secondly, the issue of their well-respected and highly successful manager, Sir Alex Ferguson. How many years does he have  left in top-flight football? Die-hard optimists may say five years, but no more.

The trouble will arise when Fergie leaves, and the club have a new manager who has a different way of functioning. How will the debt be taken care of then? The best way out ,obviously, is that Glazer sells it to someone who does not need to take a loan to own the club. That is definitely possible, knowing the size of United's support and the profit-making opportunity. The other solution is to make Sir Alex immortal. Jokes aside, they are definitely in a much better position then Liverpool, for whom I really fear.

Tottenham can be best described as a selling club. They get excellent rewards for the scouting they do for new players. But the illusion that they have to win something is going to be their downfall. They were really doing very well, performing and behaving like a mid-table club. But now mistaken ambition is making them bite off more than they can chew by signing players like Darren Bent.  He is a good player, but hell not worth £16m. Spurs are perennial under-achievers supported by dreamy-eyed followers.

Now coming back to Arsenal. The present situation does not look too good - £350m in debt and a young, inexperienced team. Saddled with board uncertainties, they now seem ready for the taking. But the housing project in Highbury will soon finish. And, having already sold 85% percent of the flats at a time of boom in the housing market, they have done well. They will get a good £150m back from it - and can recover the rest easily. They have one of the best stadiums in Europe, with significantly increased corporate seats. Earnings have already increased from £130m to £200m. And with a waiting list for season tickets, which are one of  the highest-priced in Europe, they are in a comfortable situation.

However, the main problems are board upheaval and Arsene Wenger's contract negotiations. Personally, I think what he is trying to do has never been seen in football before. Building a title-winning team on a fraction of the amount that Liverpool and Manchester United spend, can only be admired. People who are sceptical of Arsenal are riding too much on the wave of transfers and new money for their success. They definitely do not see the difficulty in building a new stadium. For supporters and boards alike, it is only when they start building a stadium that they realise how monumental a task it is.

One of the reasons for this under-estimation is the success Arsenal have had in dealing with it. But one has only to look at delays and cost overruns at Wembley to be reminded of the pitfalls.

One of the most surprising things is that Arsenal are still one of the most attractive football-playing sides on the planet, alongside Barcelona and Manchester United. That is why they have such phenomenal support. I would go on to say that, if left with Chelsea and Liverpool, Sky would in all probability sign a much much cheaper contract with the FA.  I can really fall asleep seeing Chelsea or Liverpool play. In fact, I believe loads of people actually did fall asleep while watching that much hyped and really boring Champions League match.

So as of now, nobody is jumping ship. Henry wanted to play for Barcelona, that's a small truth. I feel the bigger truth was that Wenger let him leave. Just like he let Patrick Vieira leave. Both had illusions of playing with world-class players. Well, now Vieira, at the end of his career, only makes the headlines when he says anything about Arsenal. As for Henry, I wish him well, but I do not think he will get the God-like treatment at Barcelona that he got at Arsenal. Both these players were wrong in one plain simple fact. World-class players were forming right in front of their eyes. The results are there to be seen.

And those world-class stars will continue to form at Arsenal because they have one of the best scouting networks in the world, which delivers players who they do not sell. Backed by the coaching of Arsene, who makes them play in the famous Arsenal way, and with a very good sports science-oriented backroom staff, this team could really explode.

This irrational exuberance, when it ends, will have few winners and loads of losers. I think Gunners fans should be thankful, me being one of them, that the reins of the club are being handled very ably by Wenger.

Arsenal’s future is shining bright, though most of the newspapers would have us believe that it is all headed downhill.