Arsenal chairman Peter Hill-Wood says to would not be a 'disaster' if the Gunners fail to qualify for next season's Champions League.

Having endured a terrible start to the season - culminating in the 8-2 loss to Manchester United - Arsenal rallied somewhat to highlight themselves as an outside bet for the title.

However, with just one win in their last four - including consecutive defeats - Arsene Wenger's side now find themselves adrift of the hallowed top four.

The Gunners a four points behind fourth placed Chelsea, and face Barclays Premier League champions Manchester United at the Emirates Stadium on Sunday.

And, although Hill-Wood admits failure to make the Champions League next season will hurt financially, it would not be the end of the world for Arsenal.

"We are hanging on in there, no more," he told the Daily Star.

"From a financial point of view, not qualifying for the Champions League is quite a blow.

"We have been planning for not qualifying every year, so it's not a disaster, but it would be nice if we could."

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