Arsenal today completed the signing of Theo Walcott, the Southampton forward coveted by several of the Premiership’s leading clubs, in a deal that makes him the most expensive 16-year-old in football history.
The two clubs have spent the past week hammering out the terms of the deal, with a fee of up to £12 million — £5 million upfront and a further £7 million depending on appearances and other factors — agreed.
“Theo Walcott is a very young player, but has already shown in his performances for Southampton that he is a talented player with huge potential,” Arsene Wenger, the Arsenal manager, said.
“I also like the fact that he is a versatile player who is incredibly dedicated, shows great determination to succeed and is blessed with electric pace. We are delighted Theo has signed for the Club and [believe he] will make a fantastic addition to our squad.”
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An announcement had been expected today after Wenger last night said the club were “very heavily in the race” to sign the teenager. Southampton confirmed earlier in the week that bids from two “top Premiership clubs” had been received. Chelsea are believed to be the other interested party, with Martin Jol, the Tottenham manager, admitting his club had also enquired about Walcott’s availability.
But Walcott, apparently with no desire to become another highly paid reserve at Chelsea in the manner of Shaun Wright-Phillips, was said to have his heart set on a move to Highbury, and could only have been encouraged by welcoming comments earlier in the week from his idol, Thierry Henry, the Arsenal captain.
Walcott joins the club as a scholar and will turn professional when he turns 17 on March 16. Although Southampton had hoped to bring the player back to the club on loan until the end of the season, he will join his new teammates immediately.
“I’m so pleased to be joining Arsenal, a club I have admired for a long time,” he said. “It’s a strange day, because I’m also very sad to be moving from Southampton. I’m leaving many friends and some great coaches who have been so important to my career so far, but I leave with many great memories from the club.”
Rupert Lowe, the Southampton chairman, said he regretted Walcott’s decision to leave after five years at the club’s academy. “We do not feel the time is right for Theo to leave us,” Lowe said. “At 16, he still has a lot of growing up to do. It is disappointing to see five years’ worth of work go to waste.”
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Lowe said Southampton had no alternative, as Walcott was too young to be under full professional contract. If the club refused to let him leave, the it could have faced a tribunal which would likely have awarded compensation significantly less than the fee offered by Arsenal.
“We had better bids but it was up to the player where he chose to go and Arsenal was his choice,” Lowe said.