It was the news that every Arsenal fan had been dreading for a year, talismanic captain Thierry Henry has agreed to join Barcelona. Yet it should come as little surprise to a club who have failed to match their captain's ambition. Barcelona were simply a more attractive prospect.

It has been the worst kept secret in football that the Catalan club were interested in the Frenchman, but even they would not have expected to get their man for only £16million.

A year ago, amid tabloid talk and transfer rumours, Henry's price tag was around £30million. For one of the world's best players this was appropriate; yet a season of injury, culminating in only 17 games last season, has seen his stock drop considerably. In comparison, Charlton's Darren Bent is valued at £17.5million by his Championship club.

While those in Spain consider £16million a bit pricey for a player dogged by injury last term, make no mistake, they have got themselves a bargain. The Catalans' only problem is where Henry will fit into the team, and with Lionel Messi, Samuel Eto'o and Ronaldinho competing for places, it is a good dilemma for manager Frank Rijkaard to have.

Henry was open about his reasons for leaving and few Arsenal fans can complain about the manner of his departure. As exclusively revealed in an ESPNsoccernet Press Pass interview, Henry claimed that he was unhappy about the departure of 'Mr Arsenal', David Dein, and that the situation had unsettled manager Arsene Wenger, whose contract runs out in summer 2008.

Understandably Henry has a strong connection with the manager who first gave him his chance at Monaco, before rescuing him from relative obscurity at Juventus; but his admiration for former director Dein ran even deeper.

Dein's acrimonious departure in April, regarding 'irreconcilable differences' with the Arsenal board over the takeover by American billionaire Stan Kroenke, laid the foundations for the current situation and led many to claim that Arsenal were in a 'crisis'.

Without the man who brought him to Highbury, Wenger was forced to consider his future; and without these two, who had sat beside Henry as he signed a new four-year contract in summer 2006, the French striker was unable to see a future at the club.

Few can blame Henry for focussing on himself. As a 29-year-old, Henry is approaching the summation of a colourful career and wants to secure his long-term future with the chance of winning the only prize he has not yet won, the UEFA Champions League.

Arsenal's eagerness to add some experienced world-class players to a youthful Gunners squad was a transfer policy that frustrated Henry, especially after his friend and fellow countryman Franck Ribery signed for Bayern Munich for £17.5million.

Spending big bucks is not the Arsenal way though and, while they sorely need some investment in a big name player, Wenger was always going to rely on his youngsters. With a £262million debt hovering over the club after construction of their new Emirates Stadium, it is easy to see why the club are not keen to splash the cash, yet in reality, they are wealthier than ever.

The 50% increase in television revenue that has spread across the Premier League, added to at least £20million more income from the new stadium, has made Arsenal a rich club. They have never been short of money and Wenger has always been promised transfer funds if he wanted them, yet in an effort to break even, his only signing so far has been Polish goalkeeper Lukasz Fabianski.

Letting go of long-term loanee Jeremie Aliadiere, on his way to Middlesbrough for around £2million, was a decision he should have taken a long time ago; yet ironically it comes at a time when Arsenal have only four strikers and two of those, Theo Walcott and young Danish international Nicklas Bendtner, are inexperienced.

A replacement is needed, and with Nicolas Anelka, Obafemi Martins and Klaas-Jan Huntelaar all linked with moves (at over £10million each), it won't come cheap.

While Bendtner may benefit from Henry's absence, in terms of playing time, England's young hope Walcott will feel his departure the hardest. Joining from Southampton, Walcott made it clear that training with Henry was one of the main reasons for choosing the club. Similar in style, the Englishman would have learned a lot from his team-mate and will be devastated that he was only able to spend one injury-hit season with his idol.

Other players, too, will be smarting from the news. Freddie Ljungberg, subject of discussions over his own future, now becomes the team's longest serving player having signed in 1998/99, and may choose to end his association with the club after watching most of his friends leave.

Henry's fellow countryman, William Gallas, will not take the news well either. Having already claimed that Arsenal need to be more competitive, losing a friend and a world-class player will not be the kind of change that he would have wanted. Real Madrid will be watching his situation with great interest.

Madrid will also be monitoring Cesc Fabregas. His future though, lies in the hands of Arsene Wenger and while the Frenchman remains at the club, Fabregas will stay loyal. Having signed a long-term contract until 2014, he is tied down, yet he has also made it abundantly clear that he will consider his future should Wenger leave.

The problem with Henry's decision is that it sets a precedent. If the side are not ambitious enough for him, why should they be for Fabregas or Walcott, or even Wenger?

The manager's failure to sign a new deal was at the forefront of Henry's mind when he chose Barcelona. Yet you can bet that if Wenger had signed a new deal, bought a few new players and committed himself fully to the Arsenal cause, then Henry would have stayed.

The fact that he hasn't speaks volumes about the state of affairs at the club. A possible takeover that ultimately saw the departure of David Dein started things off, and now Arsenal are embroiled in a state of uncertainty that could see things go either way.

Facing the sale of their best players, the worst-case scenario could see Arsenal become the new Leeds (although they are far too well run to ever let that happen); while conversely, Henry's departure may re-invigorate the squad and give the likes of Walcott and Bendtner a chance to shine.

It is an interesting time for the club and as Henry prepares for life in Spain, all eyes are now on the future of the manager. Without a back-up plan for the departure of Wenger, Arsenal's 'team in transition' could find themselves having to re-build from scratch if the Frenchman decides to follow Henry out of the Emirates' door in the summer. And that really would constitute a crisis.

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Any comments? Email Jon Carter