- Arsenal suffered 4-1 defeat by Chelsea in Europa League final on Thursday
- Missing Champions League football has severely limited summer budget
- Unai Emery could have had as much as £90m to spend if Gunners beat Chelsea
- Now he will struggle to finance moves for the likes of £80m Wilfried Zaha
Arsenal will embark on one of the biggest overhauls in their recent history with a transfer budget of just £45million.
Manager Unai Emery will tell the club his squad needs significant rebuilding work ahead of next season when he meets head of football Raul Sanllehi and chief executive Vinai Venkatesham in the coming days.