We at Stone Cold Arsenal had opined earlier that Arsenal’s fortunes over this home stretch would quite simply be determined more by our ability to outscore opponents rather than by our ability to contain them.

We failed to do so at Birmingham City and the chase for the title therefore has just become the more arduous. It was an insipid game. With most of our strike force and creative heart still not in prime form, and a makeshift defence rendered necessary by circumstances, such an outcome was always on the cards.

While Birmingham, to put things in perspective, have taken points off virtually all the top teams at St. Andrews this season, three points were certainly not an impossibility and debates about the late introduction of Arshavin and Nasri will rage for some time to come.

Waste of time I say. We’re better off looking ahead and trying to win every game that lies ahead. So too criticisms of Almunia and the sloppy defending that cost us two points. Futile to fret about these things so late in the season.

We’ll do well to reconcile ourselves to the fact that this season is going to be a test of this team’s character, eventual outcomes be what they may. They’ve acquitted themselves honourably so far; their response to Birmingham will be a fresh marker.

Next on the agenda is Barcelona. I’m quite happy we drew them as opposed to one of the lesser teams as the pressure of expectations are non-existent. We have nothing to lose, and I can’t think of a more liberating feeling than that.

Can we, and will we go out there and give the games our all is the question. To me the outcome is far from decided, formidable as the task is. How we acquit ourselves here is going to speak volumes about our potential and character.

Reputations and teams can be made or undone in games like these, and I regard this tie against Barcelona as a great opportunity for this side to make a decisive breakthrough in their development. Win it, or make it a darned close affair, and they’ll go a long way towards fulfilling their rich potential.

Fabregas is not certain to start, and strong influence as he is, I’m not particularly worried. Between Nasri and Arshavin we should be able to hold our own in the creative department. Should it be Vermaelen-Sol at the back, or Vermaelen-Song?

I confess to favouring the latter option. Campbell’s talent and experience I’m afraid don’t compensate for his physical limitations in games such as these, and between Diaby and Denilson, Song shouldn’t be much missed in midfield. Needs must is my view.

I’d like to indulge a memory prompted by this draw: The quarter finals of the Champions’ League in 2004.

Deportivo La Coruna were drawn to play defending Champions AC Milan, and lost the first leg 1-4 at the San Siro. Against the formidable odds, they then thrashed them 4-0, in a display of relentlessly attacking football at the Riazor , eliminating Milan in the process.

Not that I want Arsenal to take such a tortuous route, but I certainly expect them to emulate Deportivo’s spirit and endeavour.

Here are the highlights of those two games:

An instance, I hope you dear readers will agree, of what makes football the “Beautiful Game”.

As an aside, I’d like to know if readers would like a column featuring two Spanish clubs, espousing starkly different philosophies, that for awhile around the start of the millennium punched well above their weight both in Spain and in Europe.

The afore mentioned Deportivo coached by Javier “Jabo” Irureta, and Hector Cuper’s Valencia who reached two successive Champions’ League finals. At the time, I found them a fascinating study in contrasts, and I’d like to know if you, our readers, will be interested in knowing more about them.

To conclude, I’d like to draw your attention to two articles highlighting the appalling indebtedness at the heart of club football in England and in Spain:

http://tinyurl.com/yhlf2fk

Seventy per cent of Barclays Premier League clubs have had their credit ratings “suspended”, an investigation by The Times can reveal.

Reports seen by this newspaper and generated by Riskdisk, a credit checking agency, reveal that 14 of the top-flight sides have been blacklisted, essentially meaning that companies trading with them are advised to withdraw credit terms.

http://tinyurl.com/yexef69

According to José María Gay, Spain’s leading expert on football finance and an adviser to Uefa: “La Liga is dying”.

In all, Gay calculates Spanish football’s debt to be €3.5bn. The Spanish federation still owe the players’ union €6.8m and, according to the former president of the union, Gerardo Movilla, an estimated €100m is still owed to footballers in unpaid wages.

The state loses out, too: Atlético owe the tax man €15m; 50% of their transfer income is embargoed.

Look back over the clubs who have competed in the Champions League recently and the situation is alarming: Valencia’s debt is more than €600m.

Like Real Madrid (who sold their training ground for €447m to the council in 2001, wiping out their €278m debt), a property deal was supposed to be their salvation. However, the market crashed at just the wrong time. Now Valencia have two stadiums – one they cannot sell and another they cannot afford to finish building.

According to the third largest shareholder at Atlético Madrid, their debt is above €300m. Villarreal have just failed to pay their players for the first time because the ceramics industry from which their owner, Fernando Roig, makes his money has been hit hard by the crisis. Deportivo La Coruña are more than €120m in debt. Mallorca are desperately seeking a buyer and preparing for administration.

Celta Vigo and Real Sociedad have been relegated and, with no parachute payment to break the fall, went into administration. Real Sociedad’s president at the time was a certain Astiazarán, now the league’s president.

I urge you, our readers, to take the time to read through both those articles in full as these are issues that should concern all serious football fans.

I must say that I, as an Arsenal fan, ‘am delighted to only have to deal with on-field worries and frustrations.

Well then, here’s to acquitting ourselves as champions, the outcome be what it may, against Barcelona.

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Speaking of the state of football finance, ownership and the sheer madness of the precarious positions football clubs find themselves in, don’t forget to join in our intriguing debate of why Arsenal is an oasis of fiscal sanity in an orgy of excess.

Also, if there’s any specific topic or aspect of football that you’d like to read in-depth, just contact us and we’ll educate ourselves on it before presenting our two pennies worth in another popular mini series, like the ones you’ll find in our ’Article Series’.