Arsenal's sense of loss from Cesc Fabregas' departure softened by clauses in his Barcelona contract

While Barcelona believe the deal is worth no more than €40 million (£35 million), Arsenal value the transfer at almost £40 million after Fabregas agreed to waive a £4 million loyalty bonus.

Arsenal will receive €14.5 million up front, with another €14.5 million to be paid in October. A further €1 million will be released for each year of a contract that lasts until 2016.

Providing Fabregas wins one European Cup and two La Liga titles over the next five years, Arsenal will receive a further €6 million.

Although Barcelona have placed a huge buy-out clause of €200 million (£176 million) in Fabregas’s contract, they have agreed to give Arsenal first refusal should they eventually decide to sell.

If Arsenal were to refuse that option, they would still be entitled to half of Fabregas’s next transfer fee.

Barcelona have also waived any future option or sell-on clause for Jon Toral and Hector Bellerin, the two players Arsenal have recruited this year from the European champions’ academy.

Although satisfied with the overall deal, Arsène Wenger believes that he was forced to sell Fabregas for a “reduced price” due to his former captain’s desire to return to Barcelona.

“We did want to get a decent fee,” said Wenger. “That’s what I’m paid for.

"You cannot say because you want to get the deal done as quickly as possible: 'Just take him and give us what you want.’ You have to fight for your rights.

"What is good is that you call multi-million pound players 'cheap’. Cesc went because he was desperate to play for his hometown club, where he was educated.

"Maybe he will come back one day to the club, you never know.”