Three years ago, Arsenal were hovering above the relegation zone with one point from three games. One of those games was a 8-2 loss at Old Trafford, one of the worst results in Arsenal's history. Also, Arsenal had lost Fabregas, Nasri and Clichy earlier the window, and failed to replace them. In response to this, Arsene Wenger went on a deadline day spending spree, spending £27 million in the space of 48 hours. Were Wenger's five signings in that 48 hour period all panic buys though?
Chu-Young Park
Park was the first signing of Wenger's spending spree and arguably the worst. The South Korean cost around £3 million and he made seven appearances for Arsenal in two years, scoring only one goal. The signing of Park was a terrible transfer but it may not have been a panic buy. Park sort of replaced Bendtner, after he moved on loan to Sunderland. So, Park wasn't a panic buy, just a terrible transfer.
Andre Santos
At the time, a transfer for Andre Santos made perfect sense. Arsenal had sold Clichy, and Gibbs was out injured. Wenger had time to replace Clichy but didn't, so the Santos transfer was probably a panic but It wasn't a great buy either, he became a liability in the squad and eventually Gibbs replaced him in the first team.
Yossi Benayoun
Earlier in the window Arsenal had sold Fabregas and Nasri, their two most creative players. To try and replace two top quality players is difficult, especially when you leave it to the last minute. Wenger did leave it to the last minute. The loan signing of Benayoun was a good one, he helped secure Champions League football, but it was definitely a panic buy.
Per Mertesacker
After conceding eight goals in a single match the first players you will blame are the defenders. Wenger tried to solidify the Arsenal defence by buying a 6ft 6in German. Over time he has been at the club he has become a first team starter and a fan favourite. All that from someone that was a panic buy. He was a great signing, but a panic buy.
Mikel Arteta
Three years ago, this deal was off, then on, then off, then on again. Finally he signed. The marquee signing of the day was the creative player that Arsenal craved after selling Fabregas. But, Wenger had weeks to replace Fabregas, and he chose to buy Arteta so late on in the window. Arteta was probably a panic buy but he has turned out to be a good one, he's now Arsenal captain.
Overall, most of, if not all the signings that day were panic buys but some of those signings payed off. The last few days of these transfer window are shaping up to be bust for Arsenal, hopefully no panic buys though!