Arsenal risk losing Theo Walcott for less than £400,000 as a result of their failure to offer the teenage sensation an extended contract.
The Daily Mirror reports that Walcott has 18 months remaining on his current deal, and the England international is thought to be unhappy that discussions on new terms have yet to begin.
Consequently, it is claimed that Arsenal could lose the former Southampton star for a lowly fee of £400,000 because of a transfer loophole set down in the present FIFA rules.
Because Walcott is only 19, the Gunners would only be able to claim training costs of less than £90,000 for each year he had spent at the club.
It is understood that Spanish giants Real Madrid are aware that, as it stands, Walcott could talk to European clubs next January, while Manchester City, Chelsea and Liverpool are also monitoring the situation very closely.
Walcott could also decide to buy himself out of the last year of his contact for £1m in May, but Arsenal are optimistic that incoming chief executive Ivan Gazidis will immediately get to work on a contract extension once he takes up his new position this month.
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The Daily Mirror reports that Walcott has 18 months remaining on his current deal, and the England international is thought to be unhappy that discussions on new terms have yet to begin.
Consequently, it is claimed that Arsenal could lose the former Southampton star for a lowly fee of £400,000 because of a transfer loophole set down in the present FIFA rules.
Because Walcott is only 19, the Gunners would only be able to claim training costs of less than £90,000 for each year he had spent at the club.
It is understood that Spanish giants Real Madrid are aware that, as it stands, Walcott could talk to European clubs next January, while Manchester City, Chelsea and Liverpool are also monitoring the situation very closely.
Walcott could also decide to buy himself out of the last year of his contact for £1m in May, but Arsenal are optimistic that incoming chief executive Ivan Gazidis will immediately get to work on a contract extension once he takes up his new position this month.
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