Gazidis exposed as financials reveal disgusting plan…

by & filed under Uncategorized.

Arsenal just released their latest financials so Geoff and I have put a few comments together about our initial thoughts on what we’ve been presented.

Key points and questions:

  • We’re £200million in debt. £130million less than last year.
  • What happened to the sponsorship money we received up front? £100million from the Emirates + whatever Nike provided.
  • How come the property sales haven’t covered off more of the debt? £95mill to develop, we’ve recouped £200+ million so far with a further 130 odd flats to go.
  • What happened to our television money? We earn £50million+  from the EPL and the Champions league.
  • What has happened to the transfer budget we never spend? We’re in the black for the last 5 years.
  • Pleading poverty when you can comfortably increase the wage bill by £17million seems a little outrageous. This is before Cesc has signed a new deal, so expect it to increase further despite no additional achievement (You know, trophies). This increase is despite losing Adebayor (80k p/w) and Kolo Toure (50k p/w).
  • The player sales of Adebayor and Kolo appear to be key to keeping us in profit, despite the fact we lumped £130million off the debt. Will are use this as a stick to beat the fans who want us to spend money?
  • Arsenal make £3million a game of of you, the fan but don’t want to give anything back for your investment.


The club are being frugal to pay off the debt quicker, but why? We have a 17 year mortgage don’t we?

Is it to be able to invest in the world class player that are currently out of our reach or is it to make the club more attractive to sell to an investor who will immediately plunge the club into debt and put us in a Manchester United/Liverpool situation.

If it’s the latter, like Geoff and I have predicted for a while… are you still happy?

More to the point,  what is the MO of Gazidis? Is it to make us a world class club or is it to clear the debt for the owner in waiting, Stan Kroenke. I wonder what the bonus scheme looks like for our master of marketing and man of the people?

Is he the trojan horse, has he been employed to use our money to fatten the wallet of a billionaire? Is this the reason Stan hasn’t taken his holding to 30% becuase he doesn’t want to buy the club till it is debt free? No wonder he doesn’t answer questions at the AGM…

Will the fan base wake up and smell the coffee now? Are the debt buster brigade still pleased to see fan money go towards making a hideously wealthy cowboy even richer?

We’re being conned and it makes me sick to the pit of my stomach.


615 Responses to “Gazidis exposed as financials reveal disgusting plan…”

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  1. Geoff

    Top post is I say so myself! Spot on too. Fatten the club up to plunge it into debt.

    £17mil pay rise for what? What did we win for the last 5 years to warrant that?

  2. colonel mustard

    interesting take and can’t argue with it until the club shows ambition in the transfer market and im talking even a little…till then we are a deposit account for shareholders….

  3. bnsb

    What happened to the sponsorship money we received up front? £100million from the Emirates + whatever Nike provided.

    Went into constr4uction of Stadium

    How come the property sales haven’t covered off more of the debt? £95mill to develop, we’ve recouped £200+ million so far with a further 130 odd flats to go.

    Flats cost to build, If those 130 are sold the balance debt 14 million I think will be reoaid and balance ploughed back.

    What happened to our television money? We earn £50million+ from the EPL and the Champions league.

    Goes towards expenditure of “football division” of the real estate company.

    What has happened to the transfer budget we never spend? We’re in the black for the last 5 years.

    I hope thats the money in bank. the whole 100 millions.
    Pleading poverty when you can comfortably increase the wage bill by £17million seems a little outrageous.

  4. Geoff

    If the sponsorship money went into building the stadium bnsb then we wouldn’t have owed £350mil, we would have owed £250mil.

    Especially as the naming rights only happened when the stadium was finished.

  5. Henry14

    I am right in saying that the Directors do not take a dividend?

    So the money has to go somewhere. I agree i think everything is going into trying to clear the debt as quickly as possible.

    I don’t know if Stan will Saddle the club with Debt?

    But it’s interesting that the guy is a property magnet and at the moment half our business is property.

    Maybe he thinks he can use the club in that way?

  6. Pedro

    Bnsb, not convinced there I’m afraid.

    You’ll have to give me something a little more detailed than that.

    The overall conclusion rings true… we’re being freed of debt to make us more attractive for Stan Kroenke.

  7. Wiseman

    Will be better in the long-run to get rid of our debt, but can’t do it at the expense of trophies because that will be to Arsenal’s detriment in the long-term as well.

    Let us see whether we win anything this season before we pass judgement on this approach.

  8. spiki

    Bit harsh… it makes sense to reduce the debt now, as interest rates are bound to rise & the debt will be more expensive to service next time the banks renegotiate the loan rates. None of us like the overly parsimonious approach to transfer dealings, but that’s the way the manager wants to operate – not automatically the Board’s fault.

    Actually these figures show that the club had about £30M to spend in January, if the manager wanted it.

  9. Pedro

    Henry, the directors have monsterous expenses account.

    Someone told me in his last year, David Dein claimed £500k worth of expenses.

  10. Duke

    PG Says:
    February 26, 2010 at 10:33

    Thats a whole load of unsubstantiated crap from the doom and gloom merchants that you both are. Are you sure you are not Spuds fan in disguise ?


    How do those fuckers get through?

  11. Henry14

    haha! I noticed. Nothing wind’s me up more than that Wenger brigade.

    I appreciate they don’t agree – at the end of the day we all support Arsenal – but this lot seem to constantly want to tell us we don’t suport the club because our opinion is different.


    I will listen to him if he’s got something contructive to say – but all they say is “Support another club”

    Good one.

  12. Geoff

    Henry they don’t get a dividend, I’m a shareholder and I don’t get one, they do however get bonus payments that are hidden in the overheads, like the £17mil wages bit, I expect Wenger gets a chunk of that as well.

  13. Sabeel Indian Gunner


    i think i just proved to u,there is no software,a software that can automatically post whenever a new post comes..

    So Kindly just correct ur fallacy…Enough of testing my patience with ur scorns..


    So much to talk on football..too much work at office

  14. Henry14

    Ah i see. That makes more sense.

    £6M base salary and then they give him a bonus for wining nothing……

    No other football club like ours.

  15. bnsb

    Directors expense – Its the malady affecting every company.

    we’re being freed of debt to make us more attractive for Stan Kroenke.

    Yes you have a point there – Kroenke or Fatmanov – debt free company is attractive – why? they can pledge and borrow again 🙂

  16. gambon

    You wanna know the most disgusting thing…

    There is a convenant in our loan that says we have to spend 70% of sales proceeds on the squad, this means either signings or wages.

    Having sold Ade & Kolo we found ourselves with £40m, of which we were forced to spend £28m legally.

    Now we all know how stubborn that prick Wenger is, he wont spend just because hes told he legally has to….so he went and spunked OUR money on giving the whole squad a new contract.

    And hey presto, most of that £28m is gone, and with a few players signing new deals since Nov 30th its probably all gone now.

    So just to maintain project youth hes thrown away £28m in the last few months.

  17. Henry14

    I know a lot of people disagree but i would rather Usmanov than Kroenke….

    I just think – Dein isn’t stupid and he loves Arsenal.

    He wouldn’t sign with the man if he thought he would fuck us.

  18. tonyadamsisgod

    Well at least we’ve secure the services of Tom Cruise!! The only way that’ll be a good thing if he too can become Ethan Hunt, infiltrate a high security research lab, steal a deadly virus, release it in a populated area and the provide Arsenal FC with the antidote to sell to the world. Could happen.

  19. bnsb

    Let us see whether we win anything this season before we pass judgement on this approach.

    Please let us wait and see next year too. Our players will be mature, we will have less injuries .. ummm

  20. gambon

    Wrong there Spiki

    Virtually all of our debt is at fixed interest rates so it makes no sense to pay it off now, we are better off leaving it as long as poss.

  21. Wiseman

    Pedro – Well i get your point that it won’t be good if a buyer comes in and puts more debt onto the club, but surely we will be saving bucket loads by paying off the debt quicker.

    Pedro and Geoff – In terms of Gazidis’s mandate, given that Arsenal PLC is a company like any other, do you think it is to maximize profits and returns on investment, or to maximize the success of the club?

  22. Henry14

    I am actually really dissapointed with Gazidis, i genuinley thought he would be good for us and would actually take some power away from Wenger when he first came.

    What a load of wishful thinking that way!

  23. bnsb

    Better still bnsb why don’t they pay off the debt and have Arsenal repay them at a more favourable rate?

    I am sure they wont do that, good samaritans. If they do I will have to eat a shoe or bite a hand off 🙂

  24. tonyadamsisgod

    Henry14 – Anyone that comes into Arsenal has to get Wenger’s approval. Its fucking disgusting. Where else in the world does the employer get to hand pick one of his superiors???

  25. Wiseman

    and obvioulsy i’m hoping that the bucket-loads we save will be then be re-invested into the club (players!). At this rate it could be 3 years and we would have an extra 50 mil a year to buy players! if the fans stick around that long 🙂

  26. Pedro

    Wiseman, football isn’t like a normal business. It’s a sports team.

    You’re customer base isn’t there becuase of quality, it’s there becuase of love. So using their money to make someone else richer is disgusting…

    Where is the balance?

    We’re waiting a year to buy players that could help us challenge to add a few million to the balance sheet.

    When all’s said and done, do you want to be in a Man U situation?

    I don’t…

    Football first… business second.

  27. Arsenal Tom

    henry, i dont think dein is associated with usmanov any more mate.

    will be interesting to see what happens if cesc does go this summer, if wenger has to spend 70% of whatever we get for him it’ll be a very painful summer for him!!

  28. Rohan

    1. From erlan95
    Hello Andrey …I am an Arsenal fan and I go to London very often as I’m a footballer from Kazakhstan! And I go to London as a team captain. I know your address in London! May I come to visit you and to take an autograph? I’ll bring presents .. There’ll be my coach ,my younger brother who plays for Brazil and I…?? I’m 19 years old .. Will you let in me?
    Arshavin: My grandmother used to teach me that it’s bad manners to invite yourself to somebody’s house.

    I found this on Arshavin’s website. Atleast he’s good value for money. Quality!

  29. Pedro

    Sabeel, the fact is, you cheat to get first. You’ve found a glitch in wordpress that gives you an advantage… that is unfair on everyone else.

  30. gambon

    The problem with us signing players is that our wage bill cant go too much higher.

    We are paying these unsuccessful babies so much that theres no room for a big name. And when we off load a few (Ade, Kolo) we go and give their wages to the kids we already have so we cant bring replacements in.

    Man Utd have a £117m wage bill and win everything, we have a £120m wage bill and win fucking nothing.

  31. brian

    If you dont understand finance dont attempt this silly interpretation of the accounts and make inaccurate statements and conclusions.I understand your frustration but you should not show it by making silly points about somthing you quite clearly dont understand.

  32. Ooby

    Geoff I pretty much agree with your/Pedro’s points but can we please get rid of this myth that they got the €100m up front because they didn’t. Below is extracts from 2004/2005 Accounts. Its just if you keep using this it makes your point weaker – (imo)


    “Cash reserves also benefit from the first instalment of funds from the sponsorship transaction we concluded with Emirates last autumn. This partnership gives Emirates exclusive rights as the naming sponsor of our new stadium to 2021 and includes an eight
    year shirt sponsorship which commences at the end of the Club’s current shirt sponsorship deal with O2 at the end of the 2005/06 season. The Emirates sponsorship fees of £90 million will significantly enhance the Group’s commercial revenues over the
    contract term, although the amount included in the current year’s profits is minimal.”


    “Deferred income represents income from sponsorship agreements and other contractual agreements which will be credited to the profit and loss account over the period of the agreements”

  33. tonyadamsisgod

    Sabeel – I’m only messing. I just refresh, that’s all. You must just be quicker than me or have found another way. Enjoy.

  34. Arsenal Tom

    gazidis is a joke, all his ‘its all about the fans and the football’ talk was 100% bullshit just to make us think he might be different now he’s singing from wenger & the boards ‘buying is not the answer’ song sheet, what a complete an total sham of a man. get him out

  35. gnarleygeorge9

    Imagine how the rank & file Real Madrid fan is feeling now 😆 after their big spend up. Their marquee signing wants to go back to manure.

  36. Pedro

    Sabeel, I’m not getting into this… but the facts are, you’re playing by different rules. Your post goes up before my PC has even had the chance to refresh.

    Do as you please, but I don’t think I’d brag about it as an achievement.

  37. spiki

    Gambon – with less capital due, the actual cash needed to pay the interest reduces & the rates aren’t fixed forever, they will come up for review. The value of the flats will increase as the property market stabilises / recovers, so the assets will be worth more with less going out to service the loans.

    It’s the same principle as paying more off on your own mortgage. Regardless of whether its fixed rate or not, it will still leave you with more money when you sell the property.

  38. CHIPPY

    Geoff + Pedro,

    Spot Fucking on They are treating people with contempt, Its the Hey look arent we good owners we are paying of all the debts rather than investing in the side as we will have a brighter future, Some fans are lapping this shit up and maybe we are the cynical blinkered ones and they are doing all this for the good of the club>

    But me i can see the same scenario as you two we struggle by paying of the debts each year then we finally get to the promised land of being debt free the fans all slap themselves on the back for making no fuss and see the world class signings and domination on the horizon,

    only to then be taken over by the yank who then plunges us back into an abyss of debt and we have to start all over again,

    Whats that saying lies lies and satistics The board must be laughing their bollocks off,whilst the fanbase eat out there palms !!

  39. Geoff

    Ooby, I remember arguing this at the time saying what a shockingly bad deal it was and for 15 years, Arsenal came out and said the deal was done because the money was upfront.

    Even Hull have a better shirt deal than us, if we did those two deals, 8 and 15 years respectively for £90mil and it wasn’t up front then the whole board should go as a 9 year old could have done better.

  40. Lou

    Le Grove seems to have become a blog full of accountants. I, unfortunately, have no experience of high finance. Could someone explain to me how the Arsenal business model works please? For instance, who is reaping the financial benefits of these profits? Only qualified accountants with big-business experience to reply please.

  41. Sabeel Indian Gunner


    my comment will come because like everyone,i keep pressing F5 around the time u post…and as soon as u post,by direct shortlink(which takes one directly to ur new post) i am able to post…

    if ur PC is slow to refresh,what can one do?

    Bottomline is..

    using Shortlink to access Le-grove post is not cheating…

  42. Pedro

    Plus… we already know that Hillwood has contempt for the fanbase… he must be loving this.

    We don’t want to be right about this… because Geoff and I have to suffer the years of shit after Kroenke buys the club… however, it’s looking increasingly like we will be…

  43. azaniangooner

    Even conservatively speaking Arsenal are 450-600 million pound company. With annual revenues from football) normally exceeding 200 million pounds. So a 500k directors expense just look at a similar Publicly listed company, its very much normal.

    Now if you want to rail against the capitalist system that’s another debate. Unfortunately Arsenal is a company and not a fan club, we as Arsenal supporters are essentially customers. Therefore we are going to be charged like customers and not like owners. Just a fact of life. You are right in pointing out that the club is being financially scrubbed to probably sell it on most probably to Stan Kronke. Please don’t compare him to to the Glazers, not all corporate takeovers are purely and so stupidly debt driven. Gazidis has no option but to continue the financial turnaround, this had always been the plan since the Emirates Project was undertaken.

    You are only being conned in the same sense as when you buy a can of cola or a branded shoe.

  44. gambon


    The rates are fixed for the 25 year length of the bond.

    Paying early would be silly in the current market.

    There is only £12.9m at variable rates.

  45. goonermichael

    Did tony gale go to a university for cunts or is he just naturally one? This morning he said rooney is the best player in the world including messi kaka etc and portsmouth apparently bought the fa cup.

  46. Arsenal Tom

    at least if kronke comes in with the club debt free there will no excuses for not spending other than thinking what we have is good enough… then there will only be one person to be held accountable

  47. Pedro

    Sabeel, like Gnarley said, most don’t give a shit. However, I have 20 meg broadband in the UK and you beat me to first when I post.

    I don’t care, but it’s pretty weak to make out its an achievement when you’re the only one with the cheat.

    Like bragging about winning the hundred metres in the paralympics… when you’re not in a wheel chair.

  48. Geoff

    Lou good attempt at a blog fart.

    The model works because the manager gets bonussed for spending nothing, simple really.

    Would you increase your sales staffs salaries significantly if they made no sales?

    That what Arsenal have done, to the tune of £17 million. You don’t need an O level in accountancy to see how outragous that is.

  49. Pedro

    Gambon… I’m hooking myself up.

    My favourite KFC related comment was A&N the other week…

    ‘I just treated myself to a bargain bucket, because I’m worth it’

    haha, hilarious!

  50. Arsenal Tom

    lou seeing as no experts replied ill help you out…

    clear the debt asap, sell the club for maximum value, the board all get as much money as possible…

    its pretty simple mate

  51. bnsb


    Gaizidis and his team are hard at work to increase club annual revenue through new/ revised deals. Till they pull it through ….

  52. Lou

    Geoff. Whatever a blog fart is I assume that I made one by asking a simple question. If your answer is an explanation I accept it fully. I don’t really get the sales and staff analogy at all.

  53. Pedro

    Geoff, I worked for a company that were closing down a plant. The manager was bonused on keeping costs low… he got so anal about costs he wouldn’t sanction new boots to staff unless they had holes in them… he wouldn’t let people buy stationery and he made me get a credit note for £12 on a monthly spend of £160k

  54. gnarleygeorge9

    Oh for the old days on le grove, instead of look @ me! look @ me I’m the 1st to post, again, it was more like I say old chap you post first, no you 1st old boy, no you go 1st, no you, no you. Real gentlemen & ladies in those days.

  55. tonyadamsisgod

    Pedro – I love a KFC but A&N is a different animal. I get the feeling he’d happily head butt a granny to bag the last hot wing on the counter!!

  56. gambon


    The people reaping the rewards are the board of directors.

    Notably whoever owns the SPV set up for the property side of the business.

    If i had to guess id say its Fiszman, Hill-Wood, Friar & probably Wenger to some extent.

  57. Geoff

    Lou would you double a salesman wages if he made no sales, no you wouldn’t.

    So why double a players when we’ve won fuck all?

    If you can’t understand that I give in.

  58. slimshady

    The Americanization of Arsenal FC. What next – we get a defense coach?? Or is it going to be those nasty monster gloves with a “No.1” finger sticking out?? Cheerleaders… hehehe – could be nice that.

  59. bnsb

    clear the debt asap, sell the club for maximum value, the board all get as much money as possible…

    “The board” have already sold out, and they are receiving their money in installments.

  60. Pedro

    Lou, it may frighten you to know that accountants aren’t the only people in business who have to understand numbers.

    I’m pretty sure Gazidis isn’t an accountant.

  61. Lou

    Then the club is run by a group of self-serving individuals who are only interested in money for themselves and don’t give a shit about the fans.

  62. tonyadamsisgod

    Geoff – Its worse than that. Not only have they not one anything but they are so incompetent that we now have to forfeit the 2 domestic cups to compete for the EPL and CL trophies!!

    And, on that note, anyone see that the FA are thinking of making the FA Cup a midweek event after the 3rd round?? That’s because of cunts like Wenger driving down the value of it by fielding teams of toddlers because he doesn’t deem it to hold any importance!

  63. Sabeel Indian Gunner


    1) I dont brag about it,if u call that bragging,then everyone who comes first here is bragging

    2) I told u using shortlink to access le-grove is Not cheating,and u still call that cheating, very funny

    3) I have a 200 Mbps speed in office and home..its much faster than ur slow 20Mega

    I am talking technical things like shortlinks,200mega which are facts…still u think it is a cheat..u r just delusional

  64. DeiseGooner

    UEFA are trying to come down hard on clubs in excessive / unmanageable debt – so whether its to make the club more inviting to Silent Stan or not – its still a good idea to clear as much debt as quickly as we can.

    With the property side now running without debt its all profit from here on in with that. So the stadium pays for itself and then sime while the profits from property clears debt faster and can be invested in the club/squad.

    Lets just hope they do that in the summer eh – its obvious to everyone and their dog that the squad is crying out for some players with ability/experience and class

  65. Arsenal Tom

    bnsb… fizmans still got a bit hasn’t he? so has lady nina and hill-wood and god knows who else,

    they are all getting top dollar either way cos stan knows the club will be relatively debt free by the time he takes over.

  66. gnarleygeorge9

    Anyway, I reckon The Arsenal will do Stoke & win easily, like 0-3 or 1-4. Stoke are a bunch of upstarts that need to be put in their place.

  67. Arsenal Tom

    GM… think so mate, it was in the paper or on the net a while ago… they didnt say what it was though but said he was stable i think

  68. Ooby

    Geoff def agree that it was a terrible deal. Truly criminal. But it wasnt up front my friend which makes it worse. And sorry but we are a PLC.

    The key issue here is they are paying off the debts very quickly (great) and there is plenty money in the bank (£101m) (great). The awful situation, as you point out, is they are paying mediocre players a fortune and as long as we are finishing in top 4 they will be patting themselves on the back and telling all us “whingers” that we should be proud and get behind Wenger and stop moaning. That culture of accepting mediocrity truly bothers me.

    However my friends whatever we might say it is here for the next 2 years at least.

  69. tonyadamsisgod

    I know UEFA keep making noises about punishing clubs with unmanageable debts but where does their jurisdiction end? How much can they interfere with how a club chooses to run itself? Anyone?

  70. gnarleygeorge9


    No one doubts what you say has cred, but wouldn’t be better to buy one quality player like TH14, than pay over the top wages to 3 wet behind the ears kids. Theres the rub.

  71. Pedro

    Sabeel, interesting you complain about poor connection speed, now you’ve just revealed you have 200meg broadband.

    The public don’t have access to 200 meg anywhere in Britain.

  72. bnsb

    they are all getting top dollar either way cos stan knows the club will be relatively debt free by the time he takes over.

    This debt free thing was planned well before Kronke even could spell the word arsenal. He is only toeing the party line.

  73. Wiseman

    Geoff – I am not a Brit so i don’t even know what PLC means, all i know is it denotes being a company. I suppose it means that a company is listed.

    Pedro – I agree with with everything you are saying, but my question is what is Ivan’s mandate, what are his KPI’s? Because he will only work in the interest of those factors. So what do you think they are? In a normal business it would be “make as much profit as possible”.

  74. Sabeel Indian Gunner



    Initially when i used to try to come first le-grove,i.e when i never found out about shortlinks,i used to use that “poor connection” as a “excuse”,if i fail to get top spot..
    …but since the time TAiG asked me not to use excuses…i have stopped using it,plus i found a new method of shortlink to access le-grove,which takes me directly to new post..

  75. gambon

    Fucking hell LAzer, thought youd been eaten by a killer whale!

    Also the Utd debt argument is v stupid. Operationally they are miles ahead of us financially, and light years ahead on the pitch.