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Arsenal have effectively been handed the go-ahead to make a major summer signing at a far lower price than would previously have been possible.

Arsenal’s continuing push to strengthen their attack has already seen them linked with elite names including Real Madrid star Vinicius Jr. and others of that profile.

But shrewd recruitment is often about spotting top-level potential before a player’s valuation climbs into eye-watering territory.

That brings Olympique Lyonnais winger Malick Fofana into focus.

The 21-year-old Belgium international, who usually plays on the left flank, has suddenly become a much more attainable target after the French club failed to qualify for the Champions League.

In last night’s painful Champions League play-off second leg against Fenerbahce, Lyon battled back in the second half to draw level on aggregate. However, what looked set to be the decisive goal was disallowed by VAR, allowing Fenerbahce to come through and sending Lyon into the Europa League instead.

Lyon’s setback has major financial implications for a club that has faced repeated balance-sheet troubles in recent years.

Under UEFA’s present distribution system, simply reaching the Champions League league phase guarantees €18.62 million (£15.7m) in participation revenue.

By comparison, entry into the Europa League brings only a base payment of €4.31m (£3.6m) — an immediate shortfall of €14.31m (£12.1m).

In the same way, a win in the Champions League is worth €2.1m (£1.8m), whereas a Europa League victory brings in only €450k (£386k).

When the reduced value pillar allocations are added to the lower performance-related bonuses, Lyon are projected to lose somewhere between €30m and €40m (£25m–£34m) in total European income this season.

For a club already operating on a financial knife-edge, that kind of deficit represents the worst possible outcome.

Serious financial strain almost led to Lyon being relegated to Ligue 2 by the DNCG (Direction Nationale du Contrôle de Gestion) — the financial watchdog and regulatory authority for professional football clubs in France — a couple of summers ago, forcing them to offload players such as Rayan Cherki to Manchester City at a cut-price fee.

According to French journalist Romain Molina, Lyon need to raise €100m (£86m) before June 30, 2027, or they could again face sanctions from the relevant financial and regulatory authorities. A large share of that amount is expected to come through player sales, which means squad members such as Fofana are likely to be moved on.

That leaves Mikel Arteta, Arsenal and other interested clubs with what looks like a transfer opportunity too good to ignore.

With Gabriel Martinelli appearing likely to complete a move to Al-Hilal in Saudi Arabia, Fofana could give Arteta both an immediate replacement option and a player with the potential to raise the team’s long-term ceiling.

While someone like Vinicius Jr. would likely cost well in excess of £150m, along with wage demands capable of disrupting a club’s pay structure, Lyon’s weakened bargaining position means Fofana could now be signed for only a fraction of that outlay. Arsenal have, in effect, been given the green light, but they will need to act quickly before rival clubs step in.