After arsenal move from higbury, arsenal seemed to lose luck at that time, I think the beginning of arsenal's destruction was when they tried to build a new stadium and it forced arsenal to become a club selling star players to cover the cost of building the emirates stadium, besides, Arsenal success at that time , cannot be separated from Arsene Wenger's tactics, but it will not run optimally, without the role of three French players Thierry Henry, Robert Pires and Patrick Vieira who at that time became the life of Arsenal game in winning the Invincibles title.
I do not believe that it has nothing to do with finances. Arsenal is still a team that makes a lot of money compared to their success rate, that is mainly because of their rich history and I understand that even from Henry times they still have fans globally which is how they are making most of their money. This is understandable but also it proves that they are not having financial crisis like Barcelona for example.
The reason why they sucked big time was the fact that they had a bad start, maybe it is due to bad summer training period, maybe it was due to some new tactic testing, maybe it was something else, or maybe roster played a bit of a role as well who knows. However, I believe that nobody that has a financial situation would start at the bottom of the league and rise as high as Arsenal did, did they suddenly found some hidden golden treasure? Of course not, it is the same team but they started to play better.
If you've ever read the book
My Life in Red and White written by wenger, of course you will find a little story where the destruction began, I even read that so far arsenal had to pay in installments for the construction of the emirates stadium, and that's why all this time Arsenal always sell their star players and recruit young players who are relatively cheaper.
Yes, you could say they found a treasure called the CCFF (Covid Corporate Financing Facility)
, in January Arsenal again took a debt from the Bank of England by going through the program of CCFF as much as 120 million pounds and used it for debt bills in August 2020 related to the construction of the Emirates Stadium.