He sat in the Chapman pub, named after a former Arsenal manager and decorated in the team’s red and white colors, awaiting the start of Tuesday’s match against Borussia Dortmund, the defending Bundesliga champion. In 2006, Arsenal reached the Champions League final, but those days seem distant, perhaps irretrievable. These days, Arsenal fans are confronted with the notion that one of England’s most successful teams is on the decline.

On Monday, Arsène Wenger, the professorial manager, had offered a sober assessment: even with new European rules aimed at responsible spending, prudent Arsenal might be a runner losing touch with the lead pack, unable or unwilling to match the financial stamina of Barcelona, Real Madrid, Chelsea and Manchester City.

“I wouldn’t rule it out yet, but it’s too early to speak about winning it,” Wenger said of the Champions League at a news conference. “Saying that would raise a lot of skepticism around the team, and I don’t think anyone would believe.”

Arsenal has lost its most creative players, Cesc Fàbregas and Samir Nasri, who departed last month for Barcelona and Manchester City. The vision and speed of midfielder Jack Wilshere, 19, will be unavailable for perhaps three months because of an ankle injury. The other day, Wilshere unveiled a tattoo of a woman in prayer, perhaps hinting that his — and Arsenal’s season — will need divine intervention.

Five signings made before the transfer period ended, while welcomed, have given fans little confidence that Arsenal will win the Premier League, as it has done three times under Wenger, most recently in 2003-4 with an unbeaten team known as the Invincibles.