Make or break for Wenger's Arsenal

LONDON, England (CNN) -- On paper, Arsenal fans could be forgiven for approaching the new season with a healthy pessimism.

Last year, the Gunners had just moved into the Emirates Stadium, a spacious new home that seemed to symbolise their ambition to establish themselves among the superpowers of European football.

Expectations were high following the team's appearance in their first ever Champions League final and Arsenal's talisman and outstanding performer of the previous five years, Thierry Henry, had pledged his future to the club by signing a new contract.

This time, Arsenal are coming off the back of a misfiring campaign in which they crashed out of the Champions League against PSV Eindhoven in the last 16 and finished a faltering fourth in the Premier League after a frustrating season in which they had regularly failed to beat sides they had outplayed by every statistic bar goals scored.

Behind the scenes, the stability of the club has been shaken by a boardroom dispute over whether or not Arsenal should embrace American investment, leading to the departure of vice-president David Dein, considered a key ally of the Gunners' highly-respected French coach Arsene Wenger.

Meanwhile Arsenal have been comprehensively out-spent in the summer transfer market -- not only by Manchester United and Liverpool but also Manchester City, West Ham and Portsmouth -- leaving Wenger to scour the leagues of Europe for teenage bargains.

Most significantly, Henry, dispirited after a season mostly spent sidelined by injury and demoralised by Arsenal's failure to challenge for serious honours, has departed, finally seduced by the understandable charms of Barcelona.

But as one era ends, another begins. Wenger has always been a masterful practitioner in the art of permanent revolution and it may be that the disappointments borne last season by his young team and their supporters were merely the prelude to greater things this time.

Cesc Fabregas, having resisted Real Madrid's approaches, is on the brink of establishing himself as a major world star, and supported by the likes of Tomas Rosicky and Robin Van Persie -- returning from a long spell on the sidelines -- Arsenal will once again be able to pass most teams off the pitch.

As for filling the golden boots of the departing Henry, Arsenal at least have already had a taste of what to expect, having battled for most of last season without their injury-stricken ex-captain.

Wenger's answer has been to spend $15 million on Eduardo da Silva, a Brazilian-born Croatian international who at least looks the sort of predatory striker to snap up the countless chances that went begging last campaign after marking his debut with a goal in Thursday's 2-1 win over Lazio.

So far, the signs are that Arsenal are gearing up to the campaign in good shape. They also beat Inter Milan 2-1 on Sunday to win the pre-season Emirates Cup with Van Persie grabbing the vital goal with a typically accomplished finish.

"This victory builds up the belief in the team," said Wenger afterwards. The Frenchman has already warned his played that another season like the last one would be "unacceptable."

"An acceptable season for Arsenal is to fight for the championship," he says.

"I have worked very hard to develop this team. While we have a young team we cannot say we don't have experience. Cesc Fabregas has played 100 games in the Premiership, after all. I believe we have the quality and we must show it. I think we can win the league this season. Of course."

Ultimately, Wenger's own future may be decided by Arsenal's success or failure this season. After almost a decade at the club where he arrived as a virtual unknown in England, his current deal expires at the end of the season.

While Wenger has famously never broken a contract, there would be no shortage of suitors should things fail to click once again.

The Champions League is the one title that has eluded Wenger and if Arsenal again prove incapable of mounting a realistic challenge, he may decide he would be better served by a move elsewhere. E-mail to a friend