I jest guys… it was a ploy to lure you into reading my well balanced and reasoned post… you’re here now, please… read on…
Arsenal don’t have £100 million to spend.
‘I’m fed up with people who think I have £100 million in the bank yet don’t want to spend it,” Wenger told Arsenal’s official magazine.’
‘How can people think that?’
‘We cannot pump £100 million into it, so we must keep faith in what we are doing as I believe this team does a lot of things right.’
Russian predator Alisher Usmanov proposes a rights issue to the board to raise much needed £100million.
Oligarch Usmanov, who has a 25 per cent shareholding but no director’s position, offers to fully underwrite the initiative… guaranteeing to buy all shares that are not sold… which will need the full support of the club to work.
‘The board, with its financial advisors Rothschild, considered thoroughly the proposal to use permanent equity capital to either pay down debt or to add to the club’s spending in the transfer market.’
‘With regard to debt, the conclusion reached is that the club has a very efficient capital structure with long-term debt on attractive interest rates. We can comfortably afford to meet the annual costs of this debt while at the same time generating surplus funds to invest in the club. Using permanent capital to pay down debt would not, therefore, radically transform the annual cash flow of the club.’
‘With regard to players, the board decided not to issue permanent capital in the hopes of signing one or two players in an inflated transfer market.’
The Red and white riposte
Red and white holdings
‘Based on financial information that only they have, the board have informed us that they are confident they have adequate financial resources to support the manager to strengthen the squad, to weather the property downturn, to renegotiate the Highbury Square loan on good terms and to deal with the continuing difficult economic conditions.’
‘We do not share their view but are prepared to give them the benefit of the doubt for the moment.’
‘However, we will keep the situation under close review and remain committed on behalf of interested parties in the club to ensure that there are sufficient financial resources for the club to succeed at the highest level and win major honours such as the Premiership or Champions League, while operating within a self-sustaining financial model.’
Well, well, well… it just goes to show. If you whinge hard enough… you never know what might come your way*.
Wenger constantly refers to this £100million he doesn’t have… then last month, claimed if he did have it, he’d spend it… then he gets offered it… then does what we knew he’d do…!
Reporter: What would you do if you were given £100million to spend on players?
Arsene: Give it back
So please… lets not hear any more of the, ‘poor Arsene’ stories. Lets not hear anymore of the, ‘We’re cash strapped for 17 years’… because Alisher Usmanov, for all his evilness and puppy beating (He started the Michael Jackson jokes too) has come out and called Arsenal’s bluff.
We now know that there is cash, we know that the property problems aren’t as bad as feared and we know that within reason, Arsenal can compete.
I’m not fussed that we didn’t accept the £100million, I’m really not. I’m pleased that I was right all along… Arsenal’s lack of spending had nothing to do with the stadium (Last 3 years at least) and all to do with Arsene’s faith in ‘Project Youth’.
The good news is, he seems to be deviating from that project this summer and if he signs Matiudi and maybe one more… I will be chuffed, charged and ready for a decent challenge on all fronts next season!
Today isn’t a day for moaning about the £100million we could have spent, today is a day for rejoicing! We’re well run, we’ve got enough cash to top up players contracts and buy new ones… and we’re well positioned to ride out this bastard recession!
Things are looking up Grovers and tomorrow I’m going to give you more reasons to get excited!
*Megan Fox never comes up to me, if she did, do you think I’d be stupid enough to refuse her? Oh, and no one ever gives me money… (I’ll get back to you tomorrow if this works)