The younger generation of football fans likely won't even remember Highbury. Several of Arsenal's current first-team stars, including Max Dowman, Myles Lewis-Skelly and Ethan Nwaneri, were born well after the club left their spiritual home behind. Much of the old ground has been turned into flats, with some keeping and incorporating features of the stands that once stood there, if in part because of their statuses as grade-listed buildings.
Arsenal first explored leaving Highbury somewhere between Arsene Wenger's appointment as manager in 1996 and his first Premier League title in 1998. Requirements for English stadiums to become all-seater significantly reduced the capacity of the stadium, which became detrimental in an age where matchday revenue was becoming a major differential when it came to clubs' finances, best represented by Manchester United's success of that time and their redevelopment of Old Trafford.
Ironically, Arsenal considered buying Wembley Stadium, which itself was set to be demolished and rebuilt. As was pointed out in September when they faced the only other Football League club not named after a location in Port Vale, Arsenal didn't have to remain within the London borough of Islington in order to keep their name, which would have made such a move viable, even if it would have been unpopular to the local community. The Gunners even played Champions League matches at the national stadium between 1998 and 2000 in order to maximise that precious matchday revenue. However, the FA were reluctant to sign off a deal and the club eventually withdrew their interest in making it their permanent home.
Finding land sizeable enough to build a 60,000-seater stadium in London is scarce, but Arsenal were fortunate enough to find a suitable plot less than 500 yards from Highbury. In December 2001, after overcoming several hurdles and naysayers, the club first received official approval from Islington Council, subject to helping relocate local businesses, a waste recycling plant already on the site and upgrade of nearby Underground stations. "This is the most complicated stadium development in the world," Danny Fiszman, the late Arsenal director, claimed at the time. Wenger said it was the "biggest decision in Arsenal's history."
It wasn't until August 2006 that Arsenal were able to move into their palace of a new stadium, which sold its naming rights to airline Emirates in 2004 for an initial £100m, covering roughly a quarter of the project's cost.
Owing to Premier League broadcast money going through the roof and reaching unprecedented levels during the late 2000s and early 2010s, Arsenal didn't even feel the financial benefit of the move until about 2014 when they paid off the debts accrued to build the Emirates Stadium in the first place. Deloitte figures for 2023-24 confirmed their status as the division's second-highest earners for matchday revenue, behind only United, but there is a looming threat of others overtaking them in the near future, including Tottenham, Liverpool and Manchester City, hence the need to expand.