Lol a cup doesn't determine a player's price. He isn't the whole squad. You can't lower a midfielder's value because their keepers suck (besides Lehmann). If he didn't produce much in the season and was injured, then his value would drop.
Also Fabregas has been in Arsenal's senior squad since 2003, and Arsenal haven't won a cup since 2005. If his value were to drop each cupless year, I doubt he would have been £40m last year unless he was worth like £80m by the time they last won a trophy.
A player is valued on his ability (including fitness and consistency I think), not his honours. If that was the case, Michael Owen would be worth a fortune. That is, of course, excluding the likes of David Beckham who aren't even players anymore, just assets that generates good revenue for the club he's with.
Also Fabregas has been in Arsenal's senior squad since 2003, and Arsenal haven't won a cup since 2005. If his value were to drop each cupless year, I doubt he would have been £40m last year unless he was worth like £80m by the time they last won a trophy.
A player is valued on his ability (including fitness and consistency I think), not his honours. If that was the case, Michael Owen would be worth a fortune. That is, of course, excluding the likes of David Beckham who aren't even players anymore, just assets that generates good revenue for the club he's with.