30 August 2023 , 19:09
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Folarin Balogun has completed a £34m move to Monaco - but significantly Arsenal have kept a 17.5 per cent sell-on clause to protect themselves in future sales.
USA international Balogun, 22, joined Arsenal aged ten but really came to prominence when he scored 21 goals in 37 games while on loan for Stade de Reims last season. Monaco beat off interest from Chelsea and RB Leipzig to sign Balogun who has gone to the French club on a five year deal.
The deal is worth 40m Euros but the exchange rate means that it is just below Arsenal’s record sale which remains Alex Oxlade-Chamberlain’s £35m move to Liverpool in 2017.
It became apparent earlier this summer that Balogun, despite his exploits in France, remained behind Gabriel Jesus and Eddie Nketiah in the pecking order. Jesus remains the club's first choice No.9 but Nketiah has been able to step up when the Brazilian has been injured.
The former Manchester City man is again on the sidelines but Arteta maintained that Balogun would not be retained as back-up when quizzed back in August. He said: “The plan with Flo doesn't change at all. But unfortunately, with Gabby, we’re not going to have him. We have other options to play with different qualities of players, so we will adapt.”
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Balogun only played twice for Arsenal in the Premier League, which was several seasons ago, with his loan spells at Middlesbrough and Reims doing little to further his aspirations at the Emirates, where he'd been on the books for several years having come through the academy.
Folarin Balogun was a star at Reims last term (Sylvain Lefevre/Getty Images)The north Londoners said on their website: "We thank Folarin for his contribution to Arsenal, through our academy into the first team, and wish him the best of health and happiness in his new chapter at Monaco."
Monaco have shown themselves able to spot young talent before allowing it to develop, later selling them on for big fees. The likes of James Rodriguez, Thomas Lemar, Bernardo Silva and Fabinho all excelled in the principality before moving on to pastures new for notable profits.
If that is to be the case with Balogun then Arsenal will be able to benefit financially from the clause inserted, which has become common practice in the market nowadays.