I think Sanchez will leave this summer unless Arsenal let Wenger go and bring in someone who can tempt him to stay. I also think you are right and Arsenal fans may need to get used to EL football for at least the next few seasons unless they can turn things around very quickly post Wenger. If Wenger stays then they may not even be looking at EL football due to the number of sides competing for European places these days.
The money is there, the club have made that very clear over the last few seasons. They have the resources to match all but the biggest clubs in terms of what they can offer for transfers and wages. So with the right manager they could rebuild into a strong side. Sadly the name of the game these days is spending money and bringing in quality players. Arsenal for the most part choosing to try things differently is why they are now where they are. I appreciate what Wenger is doing and his philosophy as most fans want it to still be a sport and not a business. However at the end of the day its sadly no longer possible at the very top level. Mid table sides like Southampton can do things differently because their goals are different to those top tier sides. Their aim is firstly to stay in the league and then try to finish as high as possible. Arsenal's is to win the league or at the very least finish top 4. To do that you can no longer avoid splashing the cash because if you do this is what happens.
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