Arsenal dominated possession on the day, but needed a late equaliser from substitute Gabriel Martinelli to cancel out Erling Haaland's early opener.
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Walcott told BBC Sport afterwards: "My question would be; why did it take until the 90th minute for Arsenal to go on the offensive, why not from the start of the game?
"I’m not normally critical of Arteta but it feels like he got away with one today.
"It felt like he admitted he made a mistake with his team selection by making those two subs at half time, while his other substitutions came really late on."