It's not been an entirely Happy New Year for Arsenal. The defeat to West Ham on Saturday provided a huge blow to their top-four ambitions.
After their brilliant unbeaten run, there are emerging signs that Arsenal's season could be unravelling.
It isn't a bed of roses off the pitch, either. Mesut Ozil - the club's biggest earner - is being frozen out under Unai Emery.
Similarly, the upheaval within the club's technical department - which is likely to result in head of recruitment Sven Mislintat leaving - is another issue hanging over the Gunners.
What's going on at the Emirates? Sportsmail takes a look…
ON THE PITCH
And it was all going so swimmingly. Twenty-odd games without defeat had supporters asking: Arsene who? But there were numerous warnings during their encouraging start to life under Unai Emery that all wasn't necessarily well.
Poor starts to games - underlined by the fact they did not hold the lead at half-time of a Premier League game until December 22 - became problematic. Emery's second-half substitutions often helped the Gunners secure points - he deserves credit for that. But the fact he made substitutions so early in games suggests an acknowledgement that his team selection was wrong in the first place.
Players have bought into his high-octane, pressing style. But it appears they are running out of legs. Emery has reduced the intensity of his sessions in recent weeks, even giving certain players days off to help combat fatigue. But the most worrying concern in recent weeks is their lack creativity.
Emery has taken the decision to freeze out Mesut Ozil and Aaron Ramsey, arguably Arsenal's most artistic players. The way they are playing right now, that decision is questionable. Add that to the fact they've kept just three top flight clean sheet all season, it's not hard to see why their season is starting to stutter.
THE HIERARCHY
The post-Wenger era was always going to be a period of instability. The changes implemented to the behind-the-scenes operations has also caused a degree of problems.
Former chief executive Ivan Gazidis, the man at the forefront of the changes, has gone - taking a role at AC Milan. Without him, the club's joint figureheads Raul Sanllehi and Vinai Venkatesham are facing a number of issues. None more so than resolving the future of head of recruitment Sven Mislintat, who is ready to walk away from the club amid a backdrop of unrest within the scouting department.
The German talent-spotter was only appointed in November 2017, but he is set to leave due to a diminishing power-base as Sanllehi looks to appoint the club's first technical director. Mislintat wants the opportunity to fill the role - but it is looking increasingly unlikely that will be overlooked for the position.
Sportsmail sources claim there is further discontent from the club's more established scouts, with communication between Mislintat and certain figures within the recruitment staff said to be minimal. Until the club appoint a technical director, the hierarchical structure will remain in limbo.
TRANSFERS
Arsenal's failure to qualify for the Champions League for two successive seasons has significantly impacted on the playing budget. That was laid bare last week when Emery openly revealed the club would only do loan deals in the January window - an incredible admission given the club's standing as one of European football's superpowers.
The fingers are pointing at owner Stan Kroenke for the lack of investment, perhaps rightly so given Arsenal ranked sixth in the Deloitte football wealth list. But the club have spent significantly on strengthening the playing squad over the past 18 months. Alexandre Lacazette and Pierre-Emerick Aubameyang have arrived at major expense.
But the club's sky-high wage bill is another key reason behind the club's reluctance to spend. Why Arsenal gave the green light to Mesut Ozil's £350,000-per-week is anyone's guess. The decision has left a near-crippling burden on the club's finances - the fact he is no longer a first-team regular casts even more scrutiny on the contract.
As a result, Emery's hands have been tied this month. Barcelona forward Denis Suarez is a target, but the Spaniards would rather sell permanently this month. Arsenal are trying to strike a deal where they loan him this month with an option to buy in the summer. Sevilla midfielder Ever Banega is another target. Sportsmail also revealed on Tuesday that James Rodriguez is emerging as an option, though his wages would likely cause a stumbling block towards a successful deal.
WHAT NEXT?
The goal for this season is pretty clear: finish in the top four. At the moment they are firmly in the running - but their recent poor form has raised concerns they could miss out once again.
Off the pitch, the appointment of their first ever technical director will help steady the ship. One of the main focuses this summer will be to slash the wage bill. They'll listen to offers for Ozil, but who will take his £350,000 wages? Arsenal will almost certainly need to subsidise his wages at the German's next club to shift him.
Aaron Ramsey's pending exit will save in the region of £100,000-per-week of the wage budget, while Danny Welbeck's planned exit will also save significant funds. Money will be available in the summer, but exactly how much will depend on how they finish the season.
