If Arsenal really want to compete
Declan rice is a professional midfielder that stand out in Premier league, even in the England squad, if Arsenal really need him, they should not waste time, they should compete with Manchester City even it it's 150 million pounds, his play way, he scores, defends, pass accuracy make him stand out as a midfielder, he's definitely good and Manchester City goes for good players like him and ready to hijack him from Arsenal. Before now, it was Manchester United, they chased him throughout last year but they can't pay the huge amount of money Aston Villa want to sell him.
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Arsenal fans already know that declan Rice may not end up playing for Arsenal as Arsenal couldn't make the deal in time before other big clubs interfere, and now that Manchester City has bid 100 million pounds, I think Arsenal would loose the midfielder because if Arsenal is ready to pay the same amount of money, Manchester City might add to it and Arsenal can't spend like Manchester City spends, the choice would now be left to Declan Rice on which club he want to play for, but if Declan Rice go to Manchester City, he should be ready to sit on bench but he would definitely have play time at Arsenal.
Maybe this is the time Arsenal need to spend, even more than how much they spent last season when they bought Gabriel Jesus, Olexander Zinchenko and called back their loanee defender from France then bought Jorginho and Leandro Trossard at January transfer, which changed the team mentality but unfortunately they couldn't win the league, so if they really want to play Champions League or compete for the premier league, then they need to complete in the transfer market.