Yes. I don't think Fergie was ever afraid of Arsenal or Chelsea. Not long term. He only feared us awaking from the long slumber. We have / at the time had the same fanbase in terms of size and we have / had the history over them. They needed to win and win big and also accumulate the basically infinite money they now have.
Thanks to that bottomless pit of cash which we didn't have post our golden era, they are now a bit scarier to us than we were to them I'd reckon.
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