Champignóns pas Monsier, show us the money Ivan.

by & filed under Uncategorized.

Good morning all, before you read this, please understand it’s not a pop at the manager or the club, it’s more of a question to the board regarding our much talked about debt, so read on and ask yourselves the same question, I have only worked my figures out on what I have read over the years from Arsenal, I didn’t make this up.


So in the Sunday Times Ivan Gazidas is being interviewed by Matthew Goodman and he talks about of our legendary debt, he says that £240 million is long term, taken out to finance the new stadium and the benefits of early repayment are open to debate. The remainder which is £120 million, was taken out to redevelop the old stadium and is due to be repaid next April but Arsenal are in talks with the banks about delaying it until the property market recovers.


Now this is what I meant by porkies told by Arsenal and the rate in which they keep changing their story, moving the goal posts is one thing, saying you have no goal posts is something else.

A few weeks ago our Ivan wrote a letter to shareholders explaining the myth of the debt and said that the Highbury Square deal was ringfenced and had nothing to do with the Football club. My, two weeks on and the story has changed.

When we first bought the stadium we did an upfront deal with Emirates of £100 million for 15 years of naming rights and a further £50 million for 8 years of shirt sponsorship, at the time as a marketing man I said it was a lousy deal, but as it was upfront and I understood they wanted to bring down the debt quickly. Which was £350 million, or so we were told at the time.

So that deal left a £200 million debt, which was more than covered by the Highbury Square development, Highbury Square they tell us will net us £240 million when it’s completed at the end of this year.

So onto the next porky, if you look at Arsenal’s advertising for the property project, it says 95% sold, if it is, why do we need to refinance it when the property market picks up, we already have the money? If that is, they told the truth when they advertised that 95% were sold.

Even without Highbury Square according to deals done we only owe £200 million and over the last 5 years we have spent nothing on players, won and received huge amounts in prize money, TV money and EPL money so really we should have no debt at all.

So where is it? Our stadium is named the Emirates and we have that on our shirts, so presumably they paid us, where has that money gone? As they still talk of re-financing the debt it suggests to me that nothing has been paid off as we still owe the same amount that we did when we first moved in.


Why do they continue to mislead us? Why is Gazidas treating us all like children that can’t add up, and why are we still in debt when we spend nothing on new players.

Please Arsenal explain, we asked for clarity and honesty a while back and the porkies continue, and on top of this you have trebled your income with gate money, not even mentioning the internationals, the pop concerts and the conferences.

There is something very un Arsenal about the way this board conduct themselves these days, notice how we never buy a player for anything other than an undisclosed fee, why? We rarely know what we sell a player for either, I mean what did Reyes cost and what did we sell him for?

One minute we have a lockdown and a united board the next Nina’s lobbed out, another minute PHW tells Kroenke we don’t need his kind, the next he’s the single largest shareholder, we call ourselves the Emirates stadium because we needed the money up front, then Gazidas tells the Sunday times we have  a debt of £360 million, still!

How? We started with a £400 million debt, got roughly £150 million up front from Emirates, make £3 million a game, get £30 million a year from the EPL, got £40+ million from the ECL plus the Carling cup, the FA cup, the Youth cup and television money, not to mention all the small sponsors and of course Nike.


Where is it all? How have we still got a debt? How long will these excuses go on for? It’s Ok being told we have to be frugal as we have no money – ten minutes after being told we have to move to compete with the Mancs and the Chavs, but will someone at Arsenal please tell us when this will all end and we can start acting like a football club again, you know, buying quality players, like we used to, before project youth.

Stop keeping us in the dark and feeding us shit, we’re your fans not mushrooms.

810 Responses to “Champignóns pas Monsier, show us the money Ivan.”

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  1. Mayank

    I thought its was about mine @ 21.48 and 21.51. I am a bit of a narcissist. And btw its way past my bedtime!

  2. ManGoonian

    What the fuck is Wenger/Gazidis playing at???? OMG! WE are geting further behind, yet again!!! FFS! Blackburn have signed their THIRD player so far this close season….

    Oh woe is us, woe is us…..


    Is this Tasci fella any good then???

  3. Stu

    Maciek and Mayank.

    People mix the names up because they both start with “Ma” and end in “k”.

    ENot everyone pays close attention to the name. More of a clance and assume its one or the other.

  4. Supergunner07

    This Germany U21 are not great when pressured high up the pitch so England should have played full press high up the pitch, Pearce is inept tactically. Also why are still relying on Charles Hughes’ coaching manual by always picking players with pace, power & height but no technique & intelligence.

    Theo’s game just like Ljunberg’s game requires player with visison and exceptional technique next to him ala Bergkamp,Pires, Cesc, Rosicky & Hleb. There was one forward movement he made and the midfielder delayed the pass until the defender was close to him.

  5. Stu

    MG, hes ‘aight. Not seen much of him but anyone playing for the full german team at such a young age cant be half bad.

  6. Maciek

    Sharkey. My mistake. Sorry, and didn’t want to make any sort of mess/disorder. I was talking abot the word cockney. And it’s first 4 letters. But it was a very bad joke.I didn’t want to be abusive, it’s not my style. I have always thought that English people really care about English language. They seem to love his language. I like British accent too.

  7. SharkeySure

    You guys learn the queens English, here very few people use it.

    Try to read Small Island by Andrea Levy, that’ll explain/reveal a lot. Great book that.

    I think it shoud be on the national curriculum here in the UK

  8. SharkeySure

    Love the English language…god only knows what you guys make of post match interviews from English players.

    Cesc’s are better and clearer than most native speakers

  9. SUGA3

    true that, Sharkey – languages were taught at a pretty good level in my high school (native speakers, foreign exchanges, etc.)…

  10. Mayank

    The good thing about English is actually the fact that it wholeheartedly adopts words from many languages to enhance itself. It was a rebellious when it began and is the peoples language now.

  11. Maciek

    Well Sharkey. There are players like Richards, Beckham,Bentley etc, but for example look at Carrick,Schols, many English jurnalists. They seem to make many interesting and intelligent interviews. Just my humble opinion.

  12. SUGA3

    I used to struggle to understand guys like Gerrard and Carragher 😉

    is it me or Gerrard sounds a bit more, ahem, ‘southern’ nowadays?

  13. Pat

    I’ve just realized how many strikers ManCity have.

    Jo, Sturridge, CHad Evans, Caicedo, Bojinov, Robinho, Vasell, Benjani, Santa Cruz, Bellamy.

    Possibly Eto’o and Tevez on the way as well.

  14. SUGA3

    I am just thinking whether it is him watering down his original scouse accent or me getting used to it, lol…

    I’d say it’s him, but I’d like to hear native speaker’s opinion on this 😉

  15. A

    To be fair pat Hughes and Jo don’t get on so he’ll be off in the summer again, sturridge has signed for chelsea, evans isn’t good enough for the premiership at the moment, Vassel and Benjani are pretty pants, and caicedo could be good but he’s still pretty raw.

    Still Robinho, Bojinov, Bellamy, Santa Cruz, along with Tevez if they sign him isn’t bad for a team outside the top 4! Etoo has said he wouldn’t go to City hasn’t he??

  16. SUGA3

    Etoo wants to leave on a free next year and pick up a transfer bonus just like Ballack and Flam did…

    still, Barca could sell him to anyone like cattle if he holds out for too long…

  17. A

    I don’t think it has anything to do with money, Etoo is just saying he’s gonna stay because Barca want to sell him and he’s pissed off with them so doesn’t want to cooperate!

  18. A

    I dunno – if his decisions were financially motivated i’m sure he’d bite the hands off the City offer, which would gazzump anything he’d get in signing on fees next summer…. I’m on his side to an extent, Barca havn’t treated him well at all, they tried to get rid last summer, he stayed and was amazing, then they try and flog him immediately as soon as the season finishes

  19. ethangunner

    a few years ago he did ethan in 2006

    wenger was always 4-4-2 or bust. arsh out in fa cup was a political tactic not a game one
    more like sheer stupidity if you ask me , but thats another topic …

    yes he changed game tactics since 06 because of your mate ade !!!… he was deluded enough to think that having ade upfront in a 4-5-1 works ! just the same as most of you were deluded enough that he was a great player .

    we had a great creative midfield that season who had enough skills and ball retention to make the system work ..

    wenger has held onto the 4-5-1 out of desperation , hopefully i agree he now knows the system is useless and doesn’t play to our strengths .
    it shows me he was waiting for ade to come good and when that didn’t surface he gave nik and even RVP brief stints in the position to see if
    he still had that formation as an option ..

    and answer is : – NO !

  20. ethangunner

    id prefer to see a 4 -1- 3- 2

    with 5 defenders or 4 defenders and one sweeper/DM
    and 5 attacking players with cesc in the ACM role
    theo and nasri out wide .. and RVP – AA up front .

    i suppose thats fine whilst everyone is fit , but this team needs experienced depth …

  21. ethangunner

    the board are feathering their own nest’s ….
    with a public companies money !
    and unless your one of them you will never truly know where the money is being filtered ..

    id prefer 1 owner , at least then you know there aren’t any split interests ..

    but i can tell you highbury was not built for 120 mil … you couldnt build a warehouse for that price .. so more money came from somewhere !

  22. ethangunner

    , if geoff is correct that Ivan said we loaned 120 mil to fund the Highbury re-development , then why is the Highbury development ran under another company name ?

    its like borrow from AFC’s coffer’s, to create
    a totally separate business enterprise .

    something smells like fish there, if you ask me ……..
    and its not my fingers after a night out down walking street either !

  23. PDT

    ethan, I am convinced you are right – the board is feathering its own nest.

    Who owns the highbury development corporation? Looks like the board is siphoning off money two ways :

    1. Paying board members expenses – same way as Gillet/Hicks are charging their trips to England to Liverpool.

    2. Loaning money to the Highbury redev corp where they get to do whatever they want without scrutiny from the supporters.

  24. ethangunner

    1 thing’s for sure …

    we know the board signed a lock down with krankie until mid 09 -a NO TAKE OVER lockdown , which is the same time the flats where supposed to be ready and sold off ..

    co-incidence ???

    this told me straight away that these 2 gigs aren’t ran totally separately as people have been saying on here !..

    besides where could any of them tight ass plonkers get enough financial backing to do a venture of that size if not using Arsenal as collateral for the loan ..

    they are using my old ground ! the ground i saw my 1st ever arsenal game in as a retirement fund .. these pricks sicken me that they have run this club into debt 1stly , i dont see the debt being any different to the debt that man U or the chev’s have .. the only difference is
    they win things and get more prize money,fans and merchandise sold as a result of it ..

    as as for the bigger sterile ground , who fucking cares really ? do any fans see the money of a raised revenue ??
    id rather be winning trophies and still be in highbury personally..

    but im sure you cant build condo’s on it and play football there too !

  25. PDT

    Don’t know if we could have continued to compete at Highbury without the additional matchday revenue.

    But our manager still coaches the team like they were at Highbury and didn’t have the luxury of the wide Emirates pitch. That’s why we don’t we don’t know how to cross, that’s why Theo runs into dead ends and that’s why we will never buy a real Wenger will never buy a real winger.

  26. ethangunner

    this is the facts of the matter are…..

    # this is a big club ..
    # this club so clearly needs a quality injection
    (and has for 4 years)
    # it is bad management to ignore it …

    You know at least leeds bought the players and failed .. at least you can give them credit for something ..

    my point is the problem is so huge you cannot blame just wenger any longer …

    ill tell you how it went down ..
    wenger was told by the board to continue to do what he does best
    (during the new stadium proj.)..
    buy and sell at a profit ,situation normal .
    but then the chev’s came in and changed the goal posts .. man U followed suit then so did POOL …

    time has proven it was the right thing to do .
    inject money into the club with a better class of player .. and we as a result have won fuck all ever since …
    you can try and argue with me , but those are the facts.

    but our board (who are the money men ! )
    opted for option wenger instead of buying quality..

    and you the fans now blame him because its his baby !

    well he might be the parent , but im sure he would of preferred to have adopted a better class of player than he did . but that takes money .

    so again for the hard of hearing wenger hasnt got the funds .. and he NEVER has been in charge of demanding his own transfer kitty ..

  27. PDT

    And they drummed Dein out the door because he saw the future and they were too hidebound to see it.

    Dein wanted to sell out to Le Kroenke. Who do the board want as the majority shareholder now?

  28. Geoff

    If Gazidas had a hair on his arse, he’s sue them, last week Arshavin said he wanted to end his career at Zenit, so if he wants to play for Barca next, how fucking old will he be.

    It’s not lazy journalism, it’s bareface lying sue the cunts.

  29. ethangunner


    precisely .. Dein was a legend , he saw the next step that needed to be taken to remain competitive and they axed him for it …

    then after throwing all there toys out of the crib realized it wasnt a bad thing after all !

    dein is holding back for something thou !
    he had chances at other clubs but didnt take them recently …

    i hope day we will see him return ..
    i still think he and the russian are waiting to strike ..

  30. SUGA3

    Geoff, technically speaking, his desire to finish his career at Zenit does not contradict this ‘statement’ – if he was to go to Barca anytime soon, he would still be able to finish back at home…

    but this is what 50% rip-off tax does to the Prem: apparently, he is not happy earning less than agreed (mind you, he took a pay cut to come to us) it will be much harder – or 10% more expensive – to attract world class players to playing in the UK…

  31. Geoff

    SUGA3 you don’t really believe they pay 50% tax do you? Any good lawyer would have that sorted, especially as he is an overseas resident.

    I don’t believe a word of this Barca shit, he was probably asked if he would have enjoyed playing for Barca and he may have said yes, who wouldn’t.

    At the end of the day, like Ade, Barca didn’t even bid for him.

    4 goals at Anfield doesn’t make a summer!

  32. Franchise

    sorry ethan u r so wrong the first ime we started shaping 451 was in the Champions League with Henry not Ade

  33. ethangunner

    lets face it , if your a footballer the pinical of moves would be barca – real – AC – Juve – Man U – money clubs like the chevs – man shitty ..

    so if he was thinking out loud then it probably is correct ..

    its like saying i currently drive an astin martin
    (Arsenal ), im glad i sold the mini (zenit)

    but id really prefer a Ferrari or Lamborghini

  34. ethangunner

    Geoff i dont know which way you swing 🙂

    but i know id rather a Lamborghini Diablo VT 6.0
    any day of the week 🙂

  35. Duke

    Morning all,
    Geoff, totally agree, stupid article which is just a small paragraph of lies or his quotes when he was still at Zenit last summer and we weren’t even in for him.
    ethan, Dein wanted to move to Wembley and have no personal stadium, how shit would that have been? Dein also cares only about Dein, or he wouldn’t have sold his shares, but sat on them and maybe went partner with Usmanov, while he was buying other shares. Also Usmanov and Dein are not together any more, so don’t hold your breath.
    Commend Leeds for what they did and tried? It must be a joke, I would rather be in our position right now than in theirs. I don’t think you will find another Gonner on LG who will agree with you on that matter.

  36. ethangunner


    if you watch top gear the ferrari FXX is the fastest lap trail to date ,

    thats the new one i think ….

    wheres my mate GG9 ?
    heres some more walking street magic

  37. Geoff

    Gnarley went on holiday!

    Duke spot on mate, if Dein had cared about Arsenal he wouldn’t have sold his shares, the sharing Wembley with the spuds would have been shit as well.

    If any of them had a brain they would never have re developed the North and South stands, they would have looked at re building them in stages to fit in 60,000, what a waste of money, building something and then tearing it down a few years later.

    I sat down with a director of Arsenal once and implored him to build in Kings Cross, a 100,000 seater, and Camden offered them grants, wankers knew best eh?

  38. ethangunner


    its better to try and fail , than not have a go .
    so if you think every arsenal fan is in that mold then i think its you who is mistaken !

    say what you like about dein , but since he has left this board of directors have become a fucking bunch spineless lying fairies !

  39. SUGA3


    agreed on the lawyers reducing the amounts of tax paid, but still if you fiddle with it to reduce the 50% due it is still highly likely that it is going to be a tad more than when the same type of lawyers do their magic to reduce 25% or 40% due…

    still, it is just disgusting shit stirring aimed to increase number of people visiting the site, IMO…

    the ‘quote’ itself is not that clear – probably something in the mould of Cesc’s family supporting him in case of the move to Real…