Mikel Arteta said that making Champions League is an essential part of retaining and signing quality players. 

"Every player in the world wants to play Champions League and if you talk about having this option on the table, players are much more open to join or renew their contract," said Arteta.

Arsenal announced earnings of $34.7 million for last year. 

Arteta added that a club can survive without Champions League revenues for only a couple seasons. 

"The damage caused by the club not being in the Champions League for the third season is really big," he added.

"The structure of this club is built to be in the Champions League and you can sustain that for a year or two, but then after that you have to start making decisions."