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.

Conclusion:

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.

Pedro

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

Jump to comment form ↓

  1. tonyadamsisgod

    Sabeel – Ahh, its like I was your mentor. Does that mean you are the student and I am the master? 😀 Although it seems the student has come back to become the master. Ha ha, anyway’s you were better off not giving the excuses. And I’m only ever joking if I have a cheeky dig!

    You fucking cheat! 😀 See……

  2. charybdis1966

    TAiG – I think FIFA are planning advise the withholding of registrations(for UEFA competitions) of the debt of applying clubs is at an unacceptable level. It’s probably why the Chavs converted heir debt to equity in advance of this(an IOU written to Roman for the £300m his has ploughed into the Chavs).
    Those Cnuts at the Bridge ban now say “we are virtually debt free” as slimey Kenyon proudly boasts.

  3. Pedro

    Bnsb… the mortgage for the stadium was taken out over 17 years… so we could compete. The board didn’t plan to pay off all the debt early.

    That wasn’t the plan.

    Wiseman, Gazidis should have been tasked with ensuring the team on the pitch was as strong as possible. Not just with maximising revenue streams so the debt could be paid off early. He is Kroenke’s man… he is doing an inside job to make the Americans investment more attractive.

    I don’t like that…

  4. tonyadamsisgod

    Chary – I guess UEFA & FIFA can make up whatever rules they want as its their gig. If the clubs don’t like it then they don’t have to play. Would it be Arsenal v Arsenal XI in the CL every year??

  5. ethangunner

    We’re being conned and it makes me sick to the pit of my stomach.
    —————————-
    dont need to tell me this twice , good post , and shows you how ruthless they are when it comes to there own personal gain V’s the betterment of the club under their management .

    judging by the reduction of debt in such a short space of time its pretty obvious where the ade/toure money went …

  6. tonyadamsisgod

    Pedro – “He is Kroenke’s man… he is doing an inside job to make the Americans investment more attractive.”

    Its becoming more obvious than Ashley Cole cheating on his Mrs!!

  7. tonyadamsisgod

    Sabeel – Yeah, but they stick so many restrictions on our PC’s its ridiculous. Better than before though. At least I can use Google Chrome on it.

  8. bnsb

    Bnsb… the mortgage for the stadium was taken out over 17 years… so we could compete. The board didn’t plan to pay off all the debt early.

    No, they have not paid a penny out of THAT debt early.

    We still owe 14 million out of Property loan. We would have repaid this loan in full if we had sold all flats by now. We have not. When we have sold all flats we would have the surplus money in bank.

  9. gambon

    Spiki

    I wasnt confusing anything.

    Of course we have to pay the flats loan down immediately, it was part of the financing deal. There was never any option to pay that at a later date.

    That loan is gone now though…my point is the rest of our debt is long term fixed rate, and it wouldnt serve us well to pay this early.

  10. charybdis1966

    TAiG – I saw this written somewhere the other day:
    “Anyway UEFA are now going to publish this report in full, and come out with a new set of Financial Fair Play rules, which it says are agreed in principle by the big clubs and their leagues.

    These require clubs to break even financially from 2012-13. There are suggestions that the loophole of putting money into shares so it doesn’t show as debt is being closed in the new regs.

    What’s more the report specifically (and yes it is specific on this) identifies Manchester IOU and Liverpool Insolvency as catastrophic in its own right, and there is implied criticism of the way the EPL and the FA have simply closed their eyes and said and done nothing about the disaster.”

  11. Andrew

    1. What happened to the sponsorship money we received up front? £100million from the Emirates + whatever Nike provided.
    Well if my memory serves me correct then we are not paid 100 million in full rather around 5-10 million a year
    2. 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.
    I would guess with the recession and the dramatic decrease in property prices that we are pretty lucky to get this much money
    3. What happened to our television money? We earn £50million+ from the EPL and the Champions league.
    Is true that you get around 50 million but only if you make it into atleast semi of CL not and it decreases by about 20 milion in the quaters.
    4. What has happened to the transfer budget we never spend? We’re in the black for the last 5 years.
    That is more of Wenger’s choice of who he buys and not buys and wenger will still have the transfer budget next season
    5. 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).
    Arsenal have added long term contract extension to 17 players which is sure to increase the wage bill and it will increase even more if Cesc, Gallas, Merida, Sunnu and Silvestre sign a new contract
    Arsenal make £3million a game of of you, the fan but don’t want to give anything back for your investment.
    that’s the reason for increase in the revemue from highbury
    hope this helped and please dont slate people who are just trying to help the club become a success.

  12. bnsb

    spiki

    The loan is mandated to be paid before December 2010 on a conservative estimate of sale of flats. Actual case more flats than anticipated have been sold and all sale money is repaid towards loan.

  13. Stew

    Unfortunately unless you have inside knowledge and business know how then the opinion is just that. And a fairly wide of the mark opinion. Unfortunately these opinions are read as facts and believed by some. Same as Eboue is crap so lets give him some boos. He is not crap, he is one of the most direct and dynamic players in the squad. He does not play the percentage pass so therefore at times it does not come off, same as Hleb. Yet these players are percived as crap, yet Hleb had a huge number of assists.

    Back to the point. Because you earn money does not mean you keep the money. Do you keep all the money you earn, no you do not.

    Money goes into business. Find out how much it costs to staff a match and that includes stewards, groundsman, officials, FA fees etc. If you think this it is a small amount then you need to wise up, its not.

    The club are not spending YOUR money. They are spending the money that they earn. Thats the same all over. Do you go to M&S and say, well I have just spent 200 on food and what I would like you to do is spend that money xxx way.

    Arsenal is a business. You can only call it your money if you have shares in the club, not if you are a season ticket holder or a casual ticket purchaser.

    Fianlly there is a very thin line between who will win and who will not. Arsenals season rarely, if ever over the last 10 years, has finished earlier than March or even April. So they are always in the mix of some/all competitions until the later stages. United and Chelsea and power houses and will smash the Milans to pieces in 2 weeks. Few teams can compete with such power and strength they have.

    As I pointed out, look at SLIMSHADY comment. Now does it reflect that the poster believes that this is an official report. If so he is dissapointed and has a very abject view of the club. Fact is it is not a report, not a reasearch findings or indeed true.

    Please think before being part of what is destroying the club and the fans. The internet is great but this way it is a very dangerous tool.

  14. j

    On the very morning portsmouth have gone into administration due to gross miss management, it seems a little churlish to bemoan the fact that club debt has been slashed by over a third and profits are being made when the vast majority are pulling in losses.
    More so to back up a particular point of view.

  15. saf

    its a good thing about arsenal, that their depts are decreasing quick time, all they need to do for another 2-5 season’s hopefully work the similar way obvious the flats deal aint always going to be their, only about 120+ left,
    they could be out of debt quick time and be doing better than man utd, chelsea and liverpool

    and could join the league of barcelona lol

    once the debt is gone it will be fresh start for the gunners, buh arsenal need trophies and dont sell the players apart from almunia and fabianski, KEEEP EBOUE!!!!!!!!!!!

  16. gambon

    The £12m can be paid off by 30 flatsas they have an average price of £400k.

    This will leave 100 flats that will all bring in 100% profit, plus some commercial units.

    Do you think we will see any of that ~£50m spent on bringing world class players in?!…..will we fuck, it will go tothe board and wenger as bonuses and maybe to Theo on a new £200k pw deal.

  17. tonyadamsisgod

    chary – Interesting. Sounds like they have a dislike for them but then Platini and Blatter have always disliked the English clubs for their fairly successful dominance in Europe’s elite campaign. But on the other hand Utd and Liverpool do seem to be fucked when it comes to their finances so something should be done to force them to fix it.

  18. Pedro

    Sorry people, you can’t use Pompey to justify this…

    That’s ridiculous.

    Chalk and cheese there I’m afraid.

    We turn over £3million a game, pompey would be lucky to turn over £500k a game.

    There is no danger of us becoming a Pompey.

  19. AndAPrayer

    Howdy all,

    Long time no post, been busy.

    Just thought I’d pop my head in to muse that us posting good financial results is not a bad thing.

    To suggest that somehow those results are linked to Wenger not spending is, in the main, fanciful. Including early debt repayments it amounts to £160m which even the most diehard gloomner here wouldn’t expect it all to be spent.

    Gambon stated that the majority of the debt is on a fixed rate and therefore it makes no sense to pay it off early. While it may very well be fixed rate if it is possible to repay it early without incurring significant penalties then it always makes sense to do so.

    I can not stress enough how expensive it is to buy money. Even if the debt is only incurring interest at a rate of 5% then reducing it by £130m will save us £6m in interest owed next year alone. It will also bring the total repayment date forward significantly which will end up saving a simply massive amount over the course of the loan. We’re probably talking well over £100m just to be clear.

    Would I like some of that to be spent on the squad, yes, but I’ve been thinking about it a bit and I can’t think of another manager than Wenger who could keep us up the top without spending. Let Wenger do his thing (and hopefully win something), get the debt paid off and when the next fellow comes along there’s a nice pot of money for him to splash. Long term it makes sense, short term some of you will continue to piss blood.

    Where was the vampire when the lights went out?

    In the dark.

  20. Sabeel Indian Gunner

    TAiG

    For me the Bottomline is,

    These financial results doesnt change the reality,that even if u have 100 million in the bank,wenger wont spend it..Period.

    No matter how much we try to understand the finances,the manager doesnt take advantage of a good financial situation to make the club fight for 4 trophies.

  21. tonyadamsisgod

    Sabeel – Do you get the message of ‘The search option you have selected is currently unavailable’?

    Doesn’t seem to effect it. Love being able to order my results by time. Need that a lot.

  22. bnsb

    The debt wont be gone for 20 years, not sure how many times that needs to be said before its understood.

    Wenger wont buy big ticket players for 20 years 🙂

  23. LAzer

    Gambon.. Noah or one of those fellows did it, so am back from the whale gig, learned there’s no wi-fi in there!

    Dodgeball is like curling, simple, stupid and Scottish.

    And the 200mbps/accounts payable etc debate is a real fuckin bore, the geeksquad unites on here with the bean counters.

    Argument?? I just asked a ? Which would hopefully lead to a v stupid argument. Atleast let it ferment Gambon..

    So which would ye all prefer then? Manc debt and record or recordless and diminshing debt?

  24. gambon

    AAP

    Firstly it isnt possible to repay the debt early, secondly if it was it would make no sense right now due to the fixed rate nature of it.

    You cant sell someone a bond with 5% interest for 20 years then pay them back after 3 years, you still have to pay them their 20 yrs worth of interest, or at least negotiate an agreement.

  25. Pedro

    AndAPrayer… let the next guy in and spend a load of money?

    Do you not think Kroenke’s first move will be to recoup his outlay?

    This is our point… we’re paying the debt off to line someone elses pockets.

    I’m amazed at how many people are cool with that?

  26. charybdis1966

    TaiG –wouldn’t it be cool if the Manks/Chavs/Dippers weren’t allowed to compete in the Champions League because of their financial mess? I’m liking that even though it is a side effect of the Platini anti English teams bias, and especially his personal vendetta against Wenger.

  27. DAF

    This is a great blog for gathering together all the doom mongers who know nothing about finance.

    The attitude of the main article is exactly what got UK plc into the sh*tstorm that it now finds itself in.

    Thank God for sensible club directors like ours. Rome wasn’t built in a day, etc, but we are looking very good financially for years to come – unlike MOST of our rivals.

    Oh yeah, and whisper it, we might still win the top two prizes this year. Nothing’s over till it’s over.

    GTID

  28. bnsb

    Fourth or above in EPL, Quarterfinal or above in CL, screw FA and Carling cups, 100 million in bank, not sure how many times that needs to be said before its understood. 🙂

  29. John A

    Watched Green Street again last night. Good film, although the guy who played the lead thug had undoubtedly the worst cockney accent in the history of film making !

    He made Dick Van Dyke sound like Ray Winstone !

  30. Pedro

    DAF, again… a nothing comment.

    There are plenty of people who know enough about finance to back their points.

    You don’t need to be a politician to make sense of politics and the same is true of accountancy.

    The basis of the argument is that we’re paying off debt to get into debt and you’re cool with that! Unbelievable!

  31. Jaguar

    Sabeel and Wenger are similar in many aspects.Both are being paid by their masters for their duties,which they rarely do ;). While Sabeel troll around Le-Grove all day,Wenger keeps talking about global recession and does everything but his responsibilities.

    The only difference is Sabeel likes coming first whereas Wenger is a loser who is happy with a third place.

  32. bnsb

    This is our point… we’re paying the debt off to line someone elses pockets.

    I’m amazed at how many people are cool with that?

    Get over it, Pedro, we have only repaid real estate debt from real estate sale. NOT out of shirt sale or Adebayore sale or season ticket sale. Still if it suits your theory of “we’re paying the debt off to line someone elses pockets”, enough said.

  33. Franchise

    the simple fact is if Arsenal were remaining in the hands of the board of which over 50% of shares have been sold in the last 4-4 years then it would make sense to reduce the debt of the club

    but it is clear it is only been done to fatten the pockets of the selling board members when they decide to sell and in the long run big stan who has held fire at 29.9%

    Gazidis is his appointment to facilitate all this

    Money money money is what this is all about

    like the early fans who objected the Glazers this post might be relevant in 2-3 years rather than now

    IS STAN KROENKE A FOOTBALL LOVER, GUNNER OR JUST AN INVESTOR?

  34. gambon

    LAzer

    How about a middle ground, where we dont incur debts, but if we have £100m in the bank we go and spend say £50m on players, and keep £50m in the bank.

    What would you prefer;

    – Almunia and £100m in bank
    – Lloris and £90m in bank

  35. gambon

    DAF

    So you wanna talk finance? Or just posting a stupid comment.

    Yet another example of a twat criticising an opinion but not offering one.

  36. tonyadamsisgod

    Sabeel – It seems to perform the google search as normal but at the top it says ‘the search option you slected is currently unavailable’.

    Doesn’t matter, just curious.

  37. bnsb

    but it is clear it is only been done to fatten the pockets of the selling board members when they decide to sell and in the long run big stan who has held fire at 29.9%

    Hit the nail on the head, Franchise. But I dont think Silent Stan will open his moth and say I do next summer. It will be “couple of years” later. Hint, read the long foot note on unfinished real estate business.

  38. Sabeel Indian Gunner

    TAiG

    if u feel u r finding the access to le-grove slow,because wordpress is shit in terms of speed access

    u can also try to search,the ways to makes your browser faster than it is…realtime option is one of the option

  39. Pedro

    Gambon, it’s amazing how many people accept they are not an expert so don’t even bother to analyse.

    That’s a dangerous mindset…

  40. tonyadamsisgod

    Sabeel – Cheers mate, dont really care about Le Grove, more for work stuff. Seems useful though so I’ll keep it. Cheers.

  41. DeiseGooner

    “The basis of the argument is that we’re paying off debt to get into debt”

    Thats if Silent Stan is gonna do the same to us as what was done to man utd and the pool right?

    Not saying he wont and that situation wont happen at Arsenal (fuck me i hope not) but it just seems unlikely to be allowed to happen based on the way the club has been run in the past and is being run now. Again not saying it wont change but there is nothing to show as of now that Stan will buy us out then put the club in debt to pay off the money hes used to buy us

  42. LAzer

    Well of course the middle ground is the easy choice. All am asking is a simple question, if given a choice of the TWO scenario’s which would everyone pick?

    Me, I am a fan for winning football first so the debt and all that can sod off. But what do you all think?

    Would you rather have Utd’s debt and record or recordless and diminishing debt with some minor hopes?

  43. Pedro

    LAzer… it’s a tough one because United seem to be managing it despite all the proclamations of doom.

    They had a scout at Valencia watching Villa and Fergie said he’s never been refused money.

    Personally, I’d rather not have to deal with £700mill worth of debt… especially if the end result was an American getting a billion pound club for free.

  44. gambon

    I would be shocked if Stan could pay out £500m.

    If he takes over he would have to load debt on the club. If that happens he will be lynched (I hope)

  45. slimshady

    Arsenal is not a business – it’s a football club! What is this, the fuckin NHL??? Is R.Madrid a business?? What about Milan?? Seriously! Can we win something for once for fuck’s sake – its embarrassing to be the 3rd wealthiest football club on the planet with fuck all to show for it for the time we’ve been up there! If not let’s at least compete for something. I’ll take an F.A Cup over another CL Semi embarrassment any day!

  46. tonyadamsisgod

    slimshady – That’s what gets me the most! If we are that good at our business then why aren’t these profits and benefits making their way down to pitch level?

  47. bnsb

    Would you rather have Utd’s debt and record or recordless and diminishing debt with some minor hopes?

    Worrying thing is massive debt and NO record. Even with record Manu level of debt is crippling.

  48. gambon

    Our revenue for 2009/10 will likely exceed Real Madrid, making us number 1 in terms of turnover.

    Theres food for thought.

    We will be ahead of Madrid, Barca, Utd, Chelsea, Milan, Inter, Bayern, Juve off the pitch….but on it?

  49. Pedro

    It’s pretty tough but the greens are amazing… they are like putting on a snooker table!

    You’ll love it though… especially the 17th!

  50. tonyadamsisgod

    gambon – exactly. Its completely unbalanced. Their has to come a time where a line is drawn and the on field performance gets the attention it deserves. Why does it have to be all about making money? Why cant it be about both?

  51. tonyadamsisgod

    Sabeel – not yet……210 days left. Any way, just because I’m on a diet, doesn’t mean I can’t look at the menu!!

  52. charybdis1966

    Crikey, the grief you can get on here for talking cricket then golf, an infinitely more tedious and middle-aged “sport”, comes up and everyone likes it. Jeez !

  53. bnsb

    If we are that good at our business then why aren’t these profits and benefits making their way down to pitch level?

    Taig if you are prepared to take reasonable argument.

    Its the nearly botched real estate business. We were rightly or wrongly pushed into a scenario where we had to reschedule real estate loan due to non sale of flats. Our football surplus – again wrongly I must say is being banked as a buffer.

    By this financial year end the real estate loan will be NIL, and hopefully surplus money from sale of flat should also flow or trickle.

    We would be spending on footbal side of our business then.

    So judge this prediction then 🙂

  54. chris

    Was Andrew at 11.33 a man from the company?

    I disagree that “there’s no chance of us becoming a Pompey” the biggest teamns can get in terrible financial probs – probably not the way Arsenal is run atm though.

    What I don’t understand is the long term plan – assuming it’s not being fattened up to be killed.

    When the short debt is paid are they aiming to repay the big debt sooner otherwise why are they holding all the cash (I read there’s £100m in the bank – is that right?). Remember Wenger said once he had to recoup £28m every year or something? Whatever anyone says about him, he answers almost every question he’s asked every week unlike the board and his answers are much more open to scrutiny. I think without really knowing that he doesn’t have the control away from the pitch that some people seem to think and that he looks after the board better than they deserve.

    Anyway, if they get to a point where they don’t want/need to pay back big chunks and project youth is in something like full swing does that mean they’re going to be able to compete for really top players directly? For a long time you always get the impression that if there’s a bidding war Arsenal are going to walk away

  55. tonyadamsisgod

    Pedro – ha ha, crossed wires hey. One day I might play there for real. I’ve played Palm Springs before though…..stopped my mate from being killed by a croc!! That’s how I remember it anyway. He seems to think I merely pointed out that a croc was waiting in the water. no appreciation, some people….

  56. shika1983

    Reason they are probably trying to pay it off quicker is because the more you pay earlier in the mortgage the more that comes off the total amount. (meaning it isn’t going towards the interest).

    Someone I know use to play £3000 every year extra to their mortgage provider and ended up paying off their mortgage 15 years earlier because they weren’t paying as much interest over time.

    If Arsenal have the money to do that then they should do it (at a reasonable rate) because it saves them money over the long term. Imagine paying the debt off 4/5 years earlier than expected?

    Although for the fans it is a frustrating thing because transfers (and success on the pitch) seems to suffer.

    Obviously Arsenal need to work on the balance of on the pitch and off the pitch finances.

    My main worry is a Man Utd (Glazer’s) style debt

  57. Geoff

    Andrew, you obviously don’t come from Islington do you, your comment about the property market is laughable, the market in Islington has gone up, a studio flat around here will go for 499k.

    Call Arsenal and ask how much they have reduced their flats, I did, fuck all was the answer and they only have 20 left.

  58. AKRed

    This is such a good article, ive been thinking this for a while. Wenger doesnt own the club, they would do this completely without his knowledge pretending they support his youth development team. So pissed off.

  59. tonyadamsisgod

    bnsb – I hope you are right and even more I hope that we have someone in charge that is willing to spend that money, be it Wenger or someone else…..

  60. bnsb

    Remember Wenger said once he had to recoup £28m every year or something?

    Its the mortgage payment on Emirates plus interest, nearly constant.

  61. spiki

    Footnotes to the Financial Report say:

    The term date for repayment of the loans concerned is December 2010. Proceeds from the sale of apartments at Highbury Square are required to be used for repayment of the bankloan. The loan balance at 30 November 2009 was £35.7 million and subsequently sales receipts have reduced the balance to £12.9 million

    So the Board is doing what the loan requires.

    As to whether Stan is going to finance a purchase of the club by doing a Glazer – who knows ?

    Does anyone know if he has done that when buying his other clubs ?

  62. tonyadamsisgod

    Geoff – “Call Arsenal and ask how much they have reduced their flats, I did, fuck all was the answer and they only have 20 left.”

    Cut. And. Dry.

  63. Geoff

    I’ve played 6 courses at Palm Springs, Pebble, Spyglass, Pinehurst 2,4 6 and 10, the Stadium course at Sawgrass, the Blue Monster at Doral and Kiawah Island.

  64. tonyadamsisgod

    bnsb – a 2002 model Wenger would be ideal. failing that I’d take any of the latest Moyes, Mourinho, Guardiola or Hodgson models….

  65. Franchise

    guys where are you getting the figures that show that we have £100m in the bank and that our wage bill is £120m? the accounts is almost gibberish to me

  66. gambon

    Fran

    They say £101m in the bank somewhere.

    As for the wage bill, it was £104m last year, and the report says our costs have risen by £8.5m for the 6 months, all attributable to wage costs.

  67. Danny Boy

    Long team reader but first time commenting on the site.

    Just watched the free video on Pravda with some lackey interviewing Gazidis and one of the first things he mentions is Arsenal being run as a business. Tells you all you need to know really.

    Great site by the way.

  68. slimshady

    taig & Sabeel – yes exactly!!

    Sometimes I really wish we had that fan ownership thing that the spanish clubs have. If we did then none of this nonsense would be happening.

  69. gambon

    Also, £22m cant be used as it must be held for the repayments.

    So we could go and spend £79m right now without being in any danger.

  70. LAzer

    Sometimes?? No that’s always VIKI..

    Interesting Pedro, very very interesting..so you’d take the past 5 winless yrs over 3 league titles, and a CL title?

    About American or any other owner, personally I’d rather see fanbase ownership w/restrictions at mega clubs.

  71. gambon

    MoW

    No one has said it is.

    But do we really need;

    1) £100m in the bank & shit players on the pitch
    2) A £120m wage bill for a bunch of kids who cant win anything

  72. Franchise

    its not stupid but in the situation re Arsenal it is fishy

    its more about enrichening the pockets of the major players (not pitch players) than it is a good footballing decision

  73. slimshady

    The 2002 model of AW would have won us the quadruple several times over by now!

    It’s like he went unbeaten, then decided “To fuckin hell with this, they can no longer defeat my team, so its time to take up a new near impossible task then! What’ll that be, hmmmm…”

    Hello Project Youth. It’s just getting more and more depressing.

  74. Danny Boy

    Cheers Geoff.

    Someone might be able to answer this for me, but since we moved to house, hadn’t the debt actually increased, before coming down to the same debt levels as when we first moved in? I’m pretty sure that is the case and that is what annoys me the most.

  75. Danny Boy

    Christ my spelling is awful. It seems my parents spunking good money on my education didn’t have the desired effect!

  76. MoW

    Gambon, i kinda got the impression that people think there’s a horrible conspiracy going and the humble arsenal fan is the VICTIM. i am just not seeing ut yet, so please help. something to do with making cowboys rich with our money.

  77. Geoff

    I guess to be called a plastic mug by someone blogging from a mud hut in Kenya is a complement, thanks Moses, you muppet!

  78. bnsb

    Pointed this out some times back. El Hadgi Diouf is on 80,000 a week. Outrageous salary for an outrageous player. No I am not comparing him to our players, .

    The point is high wage is affecting all twenty EPL teams.

    But whats the point of carrying such a big entourage, hoping to find a gem in chaff?

  79. gazzap

    The reason the club want to sell Arsenal as virtually debt free is so Kroenke does not have to borrow as much money (from a bank) to buy us. Lets face it as Arsenal fans we dont want Kroenke borrowing massive money as our money will then be used to pay off his interest.
    If OUR money had to be used to both pay off the stadiumn debt AND Kroenke’s interest then we would be potless. Gazidis is clearly trying to reduce the future burden.
    As much as it hurts, it does benefit the fans in the long run. Though clearly, the club (wenger) is not balancing it with bringing in the odd top class player, which the fans are craving. I feel demand for tickets is on a continual slide.

  80. leon

    i just feel there needs to be littlemof middle ground,there is no dought they run very tight ship and i do think it sgood they want get rid of the debt as soon as possible there is no way stretch loan out for 17 years no way thats common sense but at the same time this is football club and we want to win things but i want this club to broke like manu and chelsea or gets to stage of pompy

  81. MoW

    yep, leon, gazzap: i am still struggling with what the big issues is here. other than we’ve could have bought one or two players. but since not buying them has reduced the debt then at least we get something back.

  82. Geoff

    Le Gripe, hmmm, yeah I like that idea, we could have a tag, Le Gripe, where people can have a moan, like a section where you can have a rant.

    Thanks pencil dick, I’ll speak to Pedro about that.

  83. tonyadamsisgod

    Geoff – The last time I played in the US I got the best coaching of my life. There were 4 guys playing on the same course as us. Next time we saw them, there were 2. They had an argument and split up. Then we saw just 1 guy. He’d fallen out with his partner and was on his tod. He was a hippy looking fella who I thought wouldn’t know a driver from a putter. This bloke improved my game more than any fucking pro could in million lessons!!

  84. tonyadamsisgod

    A big, black hooker who is a Chelsea fan gets a tattoo of Ashley Cole & John Terry, one on the inside of each thigh. She says to her punter Paddy, “if you can guess who they are, you get a free shag”.

    Paddy looks left, then right and finally says “I dunno who those ugly bastards are but the one in the middle with the fat lips and curly hair is Drogba!!

  85. Micky Did It 89

    You Golfists want to check out the crazy golf course near us in Bude, Cornwall. Its a kinda links course. Great views over the Atlantic and I think its about 2 quid a go.

  86. slimshady

    Would it really kill AW and Gazidis to buy just two players? Maybe even one. Sell Denilson, or Almunia because he’s doomed anyway if you have to. I’d much rather not, because that squad is too fragile as it is.

  87. Micky Did It 89

    Could anyone tell me why it is so hard to defend a Delap chuck-in. Surely you stick your defensive header bloke on the far post, then he moves quickly (I like to call it running) towards where the ball is at a comfortable header height, and wallop.

  88. Big Dave

    How much of this so called Surplus Cash will they give wenger ? And now the debt has reduced are we primed for a takeover

  89. Micky Did It 89

    I really don’t see what’s so fifficult about being a Football Manager. I am reminded of the words of Big Ron: “I don’t know what happened to the good old days. Turn up, have some lunch, play the game then out for a few beers. To hell with all this tactic bullshit”.
    Oh, and he was fired after the next game.

  90. Pedro

    MoW, I think the big conspiracy was laid out pretty clear in the post?

    The crime in any other country would a new owner leveraging debt accumulated to buy Arsenal against it shortly after purchase.

    It’s not illegal here yet, but it will be within 2 years.

  91. Geoff

    Why don’t we through a player up to head it, like the rugby players do at line outs, there’s nothing in the rules against it.

  92. tonyadamsisgod

    Geoff – If I remember correctly, their were accusations of cheating and it very nearly cam to blows. I remember that they had to let us play through while they all tore strips off of each other. But the guy who ended up playing his round with us was like “what the fuck ever man, I just wanna play golf”…..

  93. Micky Did It 89

    Geoff; I posed that very question on here a few days ago (the rugby holdy up thing), as I don’t know of any rule that says you can’t man handle your own “consenting” player.

  94. Arsenal1Again

    Have faith in the board. They have a plan and they’re not trying to screw the club ffs. Whichever paranoid idiot said they’re fattening the club to make it more attractive to a buyer is forgetting that they stopped Uzbek Usmanov from taking over the club. This would have been profitable for all the board members.

  95. Pedro

    A1Again… Dein got sacked originally for introducing Kroenke and Hillwood said we didn’t want his sort.

    Did you forget that?

    What has Stan offered that Usmanov hasn’t?

    We’ve all seen what happened to Liverpool when they favoured Americans over DIC.

  96. melvyn

    Guys – as usual another good article but I think your targeting the wrong man – M Wenger runs Arsenal and he wants his legacy to be a sided one – success and two -financial stability. He has acheived success and as much as I dislike him now I cannot take away how much I loved the football he introduced and the success we had.Big problem is that he has moved out of the success phase and is now onto financial stability and he wants to say when he leaves that he had unprecedented success , which he did AND that he left the club in a strong financial position which I also believe will be correct – the problem for the fans (clearly not the away fans who still love AW) but the other fans (also true fans arsene) who want success – we are no longer in that phase and this really angers me – maybe if he was not so disingenuos about his intentions it would make some people wake up and smell the coffee or maybe like arsene they are happy with 3rd/4th and QF in CL each year plus a good profit.