There was a time (in a League far, far away) when the question in the headline would barely have been worth asking.
Liverpool, with one trophy under their belt and another trip to Wembley to look forward to, would have a much happier set of fans than Arsenal who, with third or fourth place the best they could hope for, would be left with only a place in the UEFA Cup to look forward to in the following season and few genuinely exciting memories to keep them going during the summer months.
The arrival of the Premier League though and, more importantly the Champions League, changed the mindset of almost everybody.
When Arsene Wenger claimed that a top four spot was the equivalent of winning a trophy, or when Kenny Dalglish lauded a recent kit deal neither man was saying anything particularly outlandish in a world where finances are discussed as much as formations.
So when the dust of the season has settled which club can claim to have had the better year?
Both went into August with reasonably high hopes, maybe not of winning the title but at least with the potential of being in with a shout at some stage, and they were both definitely hopeful of gaining one of those much coveted Champions League positions and will have been reasonably of having some silverware to put on display when May rolled around.
Well Arsenal, another implosion notwithstanding, will have achieved Champions League football for 2013 and Liverpool will have given their supporters three trips to Wembley (including a victory over their local rivals in an FA Cup semi-final).
As I implied at the beginning of this piece there was a time when soccer fans lived solely in the moment and the lifting of a trophy was all they craved, but now so many thoughts are on the balance sheet of the club or even, and this is becoming more prevalent, concern as much with the cache of being in the Champions League as actually winning the thing.
So when we look back on the season is it Arsenal with their guaranteed income and continued marketing potential that are the winners, or is it Liverpool with at least one trophy already won that take the plaudits?
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