Arsenals Financial Realities and The Rise of More Passionate Home Support
Calling all TRUE Gooners
Quite a bit of time has passed since the last article I wrote, and I apologize to those who didn’t mind reading them. To be honest, I stopped posting because it was getting nauseating reading the ever increasing influx of mutinous, sabotaging articles and comments. JustArsenal has become more like JustSlattingArsenal instead of JustSupportingArsenal; and this isn’t a reflection on admin (because he promotes freedom of speech for all points of view), but shows how the anti-intellectual / misinformed movement within the Arsenal Fan base has infectiously grown.
The internet is plagued with people who are obnoxiously ambitious for Arsenal to conform with the very standards that are being set by our most hated opponents. A standard that says “Money and Greed is what makes the world go around” instead of hard work and effort.
It’s a typical case of “keeping up with the Joneses” combined with the negative effects that footballing video games inflict.
See, in the world of Psychology, virtual realities and virtual role playing have been proven (through extensive research) to desensitize the user to their “real-world” physical / mental realities.
In regards to footballing video games such as FIFA or Football Manager, the user is granted the virtual control of their own football team (most of the time, their favourite); and they manage the team as they see fit. They do their very best to guide their team to victory “through any means necessary” disregarding what managers in the real world have to cope with…especially concerning finances. Now, I’m not blanketing all people who play these games to be oblivious of these effects; because not all of them are intellectually incapable of stepping back and taking a look at the bigger picture… but most are.
Hell, even I play these games (both FIFA13 and Football Manager 13), and very much enjoy (on occasion) being completely irresponsible with club finances to sign players like Aymen Abdennour, Marouane Fellaini,, and Stephan Jovetic, all in one window (which can only be done in FIFA because it’s an extremely unrealistic game – when compared with Football Manager); but even if I choose to be irresponsible with club finances in my “virtual worlds”, this does not affect my ability to understand that transfers in the “real world” are exponentially more difficult. Most people who play these games (even though they would staunchly deny it) are under the impression…”well I signed Cavani, M’Vila and Baines in my game, why can’t Wenger do it in real life”?
It is mostly the uneducated and the youth (also lacking education) who form pathetic groups like the black scarf idiots and whatever other “misinformed mobs” there are out there.
These same ignorant twits also neglect that it was only in October 2006 that one of the greatest footballing venues in the world (The Emirates) was officially finished and opened, which incurred nearly 500 million pounds in loans and financing that Arsenal FC have miraculously been able to handle without sinking into oblivion; and Arsenal were not a mega rich club when they started the venture.
Remember this fact:
The effective interest rate on these bonds is 5.14% and 5.97%, respectively, and are due to be paid back over a 25-year period; the move to bonds has reduced the club’s annual debt service cost to approximately £20 million a year.
…and what did Wenger point out to us recently? ~ “You should know that each season, it is imperative [for AFC] to show a profit of between 15 [million] and 20 million pounds.”
The man doesn’t really have to explain himself. He has more experience in his profession (in the top tier) than almost everyone in the world. Yet there are pathetic pundits out there who think they know better…seriously despicable self-proclaimers.
Anyone can look back in hindsight and claim “Oh, well I would have done something differently”…of course you can say that now, because you’re looking back after the fact you sycophantic loons.
We know that the club hasn’t won a title or trophy since 2005.We understand that ticket prices are (for the time being) expensive. We know there are players (5) on the payroll who languish uselessly. We know that Wenger is a human being (just like the rest of us) and occasionally makes the wrong call (he may be a genius, but not a God). Most importantly, we know for a large part of the time we have been experiencing difficulties in recent years, that injuries have plagued us continually, and hindered Wenger from putting out his most preferred first team. Overall we’ve had more long term injuries to key players than any other top four club, and not much can be done about that because it’s just bad luck.
Take a good look at this graph:
Link for the graph if you cant see it – http://en.wikipedia.org/wiki/Arsenal_F.C.
There is unmistakeably a difference before and after The Emirates was built, in correlation to titles and trophies. It’s not just coincidence that we saw the team finishing in 3rd or 4th instead of 1st or 2nd after 2006. This is because in order to keep the club afloat financially, the main focus had to be switched to maintaining the highest profits possible; not only to make sure the club doesn’t experience a steady financial decline, but to make sure they could stay somewhat competitive in the most difficult league (BPL) in the world.
Unfortunately, this switch in focus meant that the manager (with the boards consent) would have to start selling the clubs star players when they receive the best offers for them…no matter how painful; but that will end once the loans become less of a threat, and AFC can restructure their finances.
Let us not forget though, there were players along the way who betrayed us (you know who they are), because of the money and greed that is corrupting the beautiful game. Lastly, the new focus also meant that they had to look for bargains when dealing with transfers, which has become more difficult in this new age of billionaire takeovers and transfer window spies; and bargain shopping can sometimes backfire i.e. Cazorla vs. Chamakh.
I’m tired of rambling on like this; but most of all, I’m so tired of all the impatient, misinformed fans out there who believe the club needs to be pillaged and raped because their own selfish “dream team” desires aren’t being fulfilled.
There are some who might think I am harsh on those who continually bash the club (and this is true…I am harsh); but this only because I believe they are doing more harm than good. They seem to want to cause a rift amongst the Arsenal faithful to pit us against each other, instead of uniting as one behind the team; and that is why I have no respect for their delusional, hysterical opinions…let alone the fact that they only provide half-truths and don’t look at the bigger picture.
Then again, on the flip side of that coin, there are a lot of level headed fans out there who realise that Arsenal FC has had to undergo this transition financially because of the loans for the stadium.
Although there is still quite a bit of time left on the loans, things are looking up for the Arsenal. Profits from a new agreement with Emirates recently and of course the income that will be now coming in from the Square are all financial boosts so that the club has more buying power in the transfer window. Giroud, Podolski, and Cazorla were not only big name signings (despite what some twats say), they were purchased at prices most couldn’t believe. This will continue to be a factor as more and more teams will collapse financially due to fiscal irresponsibility, Arsenal will come in and say “need money? We’ll take your best players off your hands”. Players have returned from injury (thank God); and the team is (IMO) about to burst into a very good run of form/results.
Arsenal is NOT in decline, and the only reason that people have such high expectations of Arsenal is because of the genius that is Arsene Wenger. Yet so many know-it-alls out there who don’t have the slightest idea about how to run a football club, running their clueless mouths, think that Arsene Wenger should be sacked. Our team (and manager) deserve more quality loyalty than that.
“The Arsenal Way” deserves more credit than the bottom feeding media pundits give it; and more recognition from fans of its purity.
Did you know that Arsenal fans, on an online poll, rated as the most quiet home supporters? You didn’t need to be told that though, because it’s pretty self evident. The Emirates needs to be louder! Teams that come to play against The Arsenal need to feel like there are 12 players playing against them. Our gunners need to feel like they have the moral support BEFORE they score a goal, not after.
Alex Ferguson said recently when having to go away to one of those Turkish teams, “If our home fans acted like that, we would never loose a home game.” Take a look at how the fans support the team over at Brussia Dortmund or even Celtic for that matter…Barcelona had to play against a 12 man Celtic team recently, and lost. Gunner fans need to start taking more initiative. From start to finish, fans need to be chanting and bursting with vocal support.
Believe it or not, but support like that has a very positive effect on the players; And just because a goal goes against us doesn’t mean that fans should break out in hateful murmurs, taunts, and jeers; that’s the sign to give them even MORE moral support, to get them to fight back! Take a page from the away fans book, because they do it right. I don’t care if someone has to sneak in a megaphone to get people singing in song…it just needs to be done! Teams should fear coming to the Emirates because of Arsenals 12th player!
Have patience fellow gunner fans. Trophies are on the way. Don’t be so pessimistic. Don’t act spoiled. Don’t jump on the “Money and Greed” bandwagon. Don’t be taken in by the IQ reducing tabloid media outlets. Support the team properly through thick and thin. The Arsenal Way…the proper way.
Let us know what you think ~ and Happy New Year
ARSENAL FOR LIFE
By JG
How arrogant that you feel such ‘the intellectual’ you feel able to claim others whose opinions differ from yours are the ‘anti intellectual”. After reading your article I’d claim it is you who is actually the “anti intellectual”.
And let me tell you now, I’ve never played Fifa or any other game, unlike you, so,that phycological desensitised crap does not apply to me thank you! The fact you even mention games like that and draw comparisons between those games and managing a football club, is comparable to a guy whose good at monopoly claiming he’s a good property developer. A complete waste of space within your article and a waste of my time reading it.
You mention the Emirates and the debt incurred, but what you failed to mention is that the shareholders HAVE NOT contributed a single penny towards its cost. And yet when the debt has been repaid it is their personal wealth that will have benefited most. Happy with that are you when investment in the team suffers?
You mention the effective rate of interest on bonds, but you do no state the amount of bonds in existence and their terms and conditions. To quote an interest rate with nothing else attached eg redemption price, coupon rate etc demonstrates a complete ignorance of what a bond is and it’s important characteristics to the reader.
You mention ‘a move to bonds’ has reduced the annual debt, but you do not specify what was moved, when and why that move reduced debt and by how much. I can reduce my mortgage interest payments by simply extending the period of the loan, that doesn’t make me a shrewd businessman does it? And yet this is obviously what you are trying to imply about the AFC board.
You try to sound as though you know what you’re talking about, but thus far I’ve found absolutely no evidence that you do.
You quote Mr Wenger as stating
‘~ “You should know that each season, it is imperative [for AFC] to show a profit of between 15 [million] and 20 million pounds.”
You then go further and state that
“The man doesn’t really have to explain himself. He has more experience in his profession (in the top tier) than almost everyone in the world. Yet there are pathetic pundits out there who think they know better…seriously despicable self-proclaimers.”
But it is clearly YOU who is pathetic! You do not give any reason why AFC require such an annual profit and although Wenger is a FOOTBALL manager, you imply he shouldn’t be questioned about the clubs financial affairs. Perhaps you can explain yourself more clearly on this matter because your logic once again escapes me.
Now you next comments amaze me and I wonder where you get your information from, you state
” …we saw the team finishing in 3rd or 4th instead of 1st or 2nd after 2006. This is because in order to keep the club afloat financially, the main focus had to be switched to maintaining the highest profits possible”
When did the main focus of AFC become “profit maximisation” and who was it who gave this quote? Or are you making quotations up?
You are completely WRONG when you say the manager had to sell star players when the best offer came in ie to keep profits up. It was because star players wanted top wages that we sold the likes of RVP and Nasri. The wage structure is an integral component of the “self sufficient model” and you have FAILED to even mention it throughout your entire article, unlike Gazedis who continually regurgitates it whenever possible.
I’m also tired of your ramblings because they are misinformed, unsubstantiated and imply all is well, when it clearly is not. The only “rape and pillage” that is in all likelihood occurring at AFC is by the owner. An owner who deliberately operates in a “veil of secrecy”. Tell me your happy with Mr Kroenke and the board operating in an non transparent manner.
You conclude by stating
“Have patience fellow gunner fans. Trophies are on the way. Don’t be so pessimistic. Don’t act spoiled. Don’t jump on the “Money and Greed” bandwagon”
Many would think 7 years is long enough being patient, how long would you suggest we wait? If we saw a team progressing, becoming more competitive it would help but I personally see neither. You say “trophies are on the way” what evidence have you got to suggest that? I’d like to see that evidence as I’m sure many others would. The only people people I can see who have jumped on the “money and greed bandwagon” are the previous AFC shareholders and Mr Kroenke!
I’ll finish by saying 2 things
Firstly, if you are going to use insulting and derogatory language expect it back.
Secondly, words like “trophies are on the way” are cheap talk. Winning wins trophies not words!
Top Gooner!. Agree or not?:
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@ Admin/ JG
You asked “so you disagree then?” Yes I disagree but you are of course entitled to your own opinion just like everyone else who comments and/or writes articles on here. However, you don’t have to insult the readers of your articles. That is just plain childish. I have never read a published article from respected newspapers or magazines critizing the reader. If they did, they can expect their business to fail as nobody would accept this kind of journalism. Try to be more professional when writing articles.
Top Gooner!. Agree or not?:
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@ken
The loan to which I refer was the money used by Mr Kroenke to take control of AFC.
The loan belongs to KSE UK inc and American holding company as do all his arsenal shares. So in effect it is KSE UK inc that owns AFC.
Under US law a holding company does not have to report very much, if anything at all.
So no one knows if that loan is being paid back and if it is who is actually paying it.
This is one very good reason Mr Kroenke does not want Mr Usmanov on the board, he would get access to all accounting information and know exactly what is going on. Kroenke’s veil of secrecy would then be potentially be blown wide open. I would ask, what’s wrong with everyone knowing this information and why wouldn’t AFC be forthcoming with it ie IF nothing untoward was going on.
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@admin
I broke my initial reply to this article up due to its length. I posted another part of it but for some reason it has not appeared. There is no foul language contained within, so I’m somewhat puzzled.
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i agree as fan’s we should be a lot more louder at home games. i don’t hear deafening boo’s when opposing teams have the ball . Instead at times i feel the nervousness around the stadium.
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@terry norman – “You do not give any reason why AFC require such an annual profit..”
really? i thought the entire article was pretty clear why arsenal require more annual profit.
and if you look at the actions taken by the club before and after the stadium was opened you can see the shift the writer mentioned. its pretty easy to see that the “self sustaining model” was kicked into overdrive because of the gigantic undertaking of the stadium
people who dont notice these details are just ignoring them.
mark my words…shitteh, chelski, P$G, and even manure, they will completely collapse under their unsustainable models…a larger scale version of what happened to Rangers, Malaga, Portsmouth, etc. etc.
its just like the banks! all around the world we see finacial systems collapsing because they took on too much debt…its the same with football clubs
just read this quote from the chairman of the FA himself!
“Much of that money has flooded into the pockets of players, and those pay levels need to be reassessed to protect the future of teams. Wages in English soccer are growing at a rate of 12 percent, and one Premier League club increased salaries by 41 percent last season, he said. Clubs are imperiling themselves by building a ”debt mountain.””
~ Lord David Triesman
or how about this one!
”Something has to be done about these billionaire owners,” the BBC cited Blatter as telling reporters at the European Parliament yesterday. ”These days you can buy a club as easily as you buy a football jersey. There is something wrong and that’s why I ask the European Union to act.”
~ FIFA President Sepp Blatter
wanting usmanov to take over is like wanting to be just like shitteh and chelski…and it is truly saddening how many fans dont understand how harmful billionaire takeovers are to a football clubs longevity
Opinions divided. What do you think?
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can sum up the article in just 4 words ‘come on you gooner’
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@jg
I was actually referring to Mr Wengers quote of £20-30 million a year, that you quoted. What you didn’t make clear was
1. If that was after interest payment(s) or not?
2. £20 million is a lot less than £30 million, so what is the actual number?
3. if that money is now covered by or in addition to the £30 million received from the Emirates sponsorship deal. That by itself has major implications.
If you are going to such statements take the time to leave the reader in no doubt why it is we need that money e.g if you had said ‘we need to make £20-30 million profit just to break even ie after interest payments had been made’ that would have been more informative. Furthermore, if Wenger is going to make such statements, why shouldn’t he be questioned for clarity purposes?
Completely wrong the “self sustaining model” was kicked into overdrive because that’s what Kroenke was sold and bought into. He was told he wouldn’t have to invest a single penny into the club and he hasn’t! That’s why AFC have been on the decline for the past 7 years ie a lack of investment!
I posted a reply to your fiscal scenario, admin has decided not to post it, so I’m not going to repeat it here.
What I would say is that rangers, Pompey etc are like ‘bogey man’ stories, they’re there to scare the uninformed. None of those teams have the fan base or worldwide exposure of AFC. AFC are the 5th richest club in the world for gods sake, where were Rangers, Pompey etc in their prime in that league?
And we don’t need to increase our debt, Usmanov offered that he and Kroenke have a rights issue to put further capital into the club for players etc. Guess what, Kroenke didn’t even reply. Why, because it would mean him putting money into the club, something he was told he wouldn’t have to do and it would go against his “self sustaining model”.
Please do not talk to me about the collapse of banks and infer football clubs are the same. I won’t go into detail now but the catalyst for the banking collapse started in the US because rating agencies were giving AAA credit ratings to junk bonds. It then escalated because of the lack of financial regulation ie what banks had to show own their balance sheet, derivatives were exempt. Thus a lack of transparency was undoubtedly one of the major factors, shame AFC aren’t more transparent when the rest of the world is demanding it.
Some clubs are building a debt mountain, united being probably the biggest. But that had little to do with football more the owners. And yes wages are increasing but that’s something called “supply and demand” and it operates in all spheres of business. More TV money than ever is going into clubs next year, where should that go, dividends to shareholders or investing in your team?
Every company in the world operates with debt, why should football be any different? If a bank felt such a loan was unsustainable, trust me they wouldn’t make the loan.
Finally, I seriously don’t get your point about billionaires taking over clubs, what do you think Kroenke is?
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@assad
There Is nervousness around the stadium whe the opposition gets the ball. That’s because ever since the invincibles we have never been able to defend. Now who should we blame for that, the manager or the tea lady? Dare i say the manager? After all, being able to defend properly has little to do with money and is the managers responsibility, isn’t it?
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@ Terry Norman
Well said about the collapse of banks. The lobbyists looking out for their own interests shows the impact of what greed and profit-making mentality can do on a global scale. Credit rating agencies giving shody instruments triple A ratings and banks promoting them as high quality and then betting against them shows how unscrupulous people can be in the name of money.
Then in spite of the global crisis, the top execs still collect their huge bonuses and are employed in top positions. Laughable to say the least.
Kinda like Gazidi$, Ar$ene, $tan and rest of the board who are only concerned about money. Where is the ROI for the fans who are effectively paying off the debt of the stadium with matchday revenue (amongst other sources of income)?! In the end, the shareholders are the ones who stand to gain financially. All the fans ask (well not all I guess) are for some quality signings and reinvestment into the squad so that the club can be successful and aim for top honours like before. That doesn’t sound too bad now, does it.
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@terry norman
you are wrong…arsenal is not in decline…they have been temporarily hindered by the the combination of many injuries to key players and a lack of depth in the squad due to the financial restraints caused by the stadium.
Believe me I know all about derivatives and how the mess the global economy is in right now started in the US. the documentaries Inside Job and Capitalism: A Love Story explain what happened. Well done, on knowing about that by the way.
Kroenke doesn’t qualify as one of these “billionaire takeovers” BECAUSE (like you said) he doesnt invest a single pennie. Which is as you well know much different than the others
Usmanov would inject his own money into the club, announcing to the world, “hey, we have a sugar daddy now!” players would demand higher wages, clubs would charge us more in transfer fees, and the club would fall prey to the “runaway wages” problem that other top clubs are experiencing.
Did you know that they have even started new careers in the football industry called Salary Capology? its a serious problem that other clubs aren’t even close to addressing and arsenal are way ahead of the curve and will survive in the top tier for much longer than all the clubs who “buy success without thinking about the repercussions further down the line”.
oh and im not jg i keep getting that on here. my name is jason
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What a great debate! Never thought I would see it here. So pleased there are intelligent, thinking Arsenal supporters out there (and “lose” only mis-spelt once and that was in a quote from Fergie, so it could have been right).
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@jason
Justl got in, totally pissed and unable to,answer anything tonight.Meanwhile i wish you and every other gooner the very best for 2013 and lets all hope the boys start the new year with a win. Talk more tomorrow.
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@jason
Firstly, apologies for not getting your name right. I put 2 and 2 together and obviously came up with 5 ie JG was Jason. But where is the “intellectual” JG, very quiet for someone who had initially had so much to say.
As much as I hate to say it, the Arse are a club in decline. When any company every year sells its most prized assets it goes backward, not forward. We may make CL, but lets be honest, we’re only there to make the numbers up. We have absolutely no chance of winning it.
Last year was our worst start for god knows how many years, this year our start was even worse. Not the sign of a team going forward. At united this year we were an embarrassment, so uncompetitive it was a joke!
Wenger can talk about the possibility of us winning the league, but that’s all it is talk. Half way throughout the season and united are out of sight, in fact after about a dozen games it was over.
Our Emirates deal has a “non CL qualification” clause. Do united, city & Chelsea’s sponsorship deals contain such a clause? That is a clear sign of a “lack of confidence” in the club being able to maintain its position. Today all we aim for is CL qualification ie 4th place, how is that a sign of a club moving forward?
You can’t blame injuries, every club has them. So you’re now going to lay the lack of success over the Arse on injuries for the last 7 years! That to me is not an argument, it’s an excuse and a poor one at that. But tell me, what injuries are we talking about that has cost us trophies? Look at Diaby, a very good player, but injury prone. We can’t rely on him, everyone knows that ie except mr Wenger it would seem.
I could go on but I’m upsetting myself, and you and many more like you think everything is rosy and we’re on the right track. For gods sake, get real, and look at what’s happening to OUR club!
If you know about derivatives then you know why I said you can’t infer what happened with the banks with football clubs. It’s yet another story that is used to scare the uninformed.
Kroenke doesn’t invest anything in the club, we obviously disagree on the responsibilities of shareholders. If he doesn’t want to invest let others do so. Let the fans buy shares via a rights issue to inject capital into the club. What is wrong with that? He won’t have a rights issue because he risks losing his iron grip on the club. Besides fans buying shares, Mr Usmanov could as well and that’s what Kroenke fears most.
Mr Usmanov would inject his own money, but he offered Kroenke the opportunity to do likewise. This capital was for the purchase of quality players along with the potential to increase wages and thus stop our top players exiting. Again, what is wrong with that?
If Kroenke doesn’t want to see arsenal successful, and that comes from investing in top players, what is he here for?
If you look at his comparable teams in the US, the rams, the avalanche and the Denver nuggets they have won absolutely no silverware since he basically took over ie 2001! Why should and will Arsenal be any different under his stewardship?
The “runaway wages” problem is simply “supply and demand” you cannot stop that. Or you do and your club goes backward because your top players leave and others sign for clubs that will pay, sound familiar! Are Barca wrong in paying Messi what they do? Or do they take a view, success on the pitch more than pays for his salary via additional prize money, TV income and merchandising! Even the Glaziers at Man U see the need for pitch success to service their humongous debt. So what do they do, they steal RVP from us and probably win the league.
Sorry, have to admit never heard of salary capology.
But what are the repercussions for clubs who have debt? If you’re telling me TV money and merchandising income are going to dry up, then all teams will have problems, including Arsenal, but I don’t see that. But I know what the current repercussions for the Arse are, an uncompetitive team, no silverware for the past 7 years and probably no silverware for the foreseeable future. And tell me again why we should carry on that track?
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@G Force
In total agreement mate.
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@ Ken
Happy New Year mate.
Holding back £40mill for contingency purposes just in case we do not qualify for the champions league does nothing to better future revenue growth,operating performance (on the pitch) and is primarily there to ensure that Mr Kroenke does not have to invest a penny. Too much cash in the bank, can actually be a bad thing as it means that a company does not seek to grow, and is not making the most out of its resources (assets). While some deem this to be sensible, the market would scrutinize such strategy as being anti growth. The prudence vs risk adverse (anti-growth) requires subjective application to a degree, but when an organization continues to lose market share at the expense of building up cash reserves, then I think its quite clear which category the £40mill contingency falls into.
In the UK there is no legislation that underpins shareholder rights, more codes of best practice. It is usually left to regulators to decide how these codes should be applied. There use to be a rule for mandatory board level rights at 30% ownership in the Prem League but this is no longer the case. There is not much else Usmanov can do apart from buy Kroenke’s shares (become majority shareholder) if he wants a say at board level.
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Is Wenger the Coach of the Accountant?
He needs to win with what he has. And he has a large squad with a lot of average players (Squillacci, Djourou, Diaby, who else os on the bench?) earning more than they should. Arsene is probably wasting 200K plus on wages for players that he doesnt need that could be used to subsidize the wage demands of the players that actually performing.
Secondly losing has nothing to do with Finances especially when my blind grandma can see that we do not have any players tracking back to cover for our stretched defence or that we only have one or two players running into the box. Did we lose the FA Cup to Birmingham cos of finances or was that more a tactical issue?
We just think the club can achieve a lot more every year. I maintain that Arsenal have close to the best if not the best XI every season but how we motivate them n select the line up makes the difference between losing to Bradford and winning something
The Emirates deal highlighted the need for the team to win something in order to be taken seriously.
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@vp
Happy new year mate and once again a well presented piece.
Your point relating to the contingency fund being part of the “self sufficient model” ie Kroenke not having to invest any money is absolutely brilliant! Everything AFC do, if you strip it down, is related to that model and why wouldn’t it be? Kroenke bought the club on that basis and the club does what he says. The board use “smoke and mirrors” to spin the fans lines that make them feel everything in the garden is rosy and they are acting in the teams best interest. When in fact all this board are doing is acting in Kroenke’s best interest. It’s guys like @JG who help the board cover this fact up and, unwillingly I’m sure, do Gooner’s worldwide a disservice by looking to give the board credibility.
What makes me laugh, giving it further thought, is Wengers comments “we have to make £20 -£30 million a year”. Most companies in today’s environment are lucky to break even, yet AFC are demanding a £20-30 million a year profit, why? Wouldn’t shareholders of every company like to be able to command that? And what would they think of the board, if to make that money, the companies prime assets were being sold off year after year. Trust me the board would be voted off ASAP.
@stepper
Good points mate.
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I thought it a very truthful read, especicially about our fans not supporting well enough when at home. I have read some ridiculous scribblings on hear which you just know on there hands is an imprint of a joypad. Just the other day some plod said on hear that signing top players is easy, as its just like tossing a coin, or roulette as he put it and then said i give Wenger too much credit for the great signings he has made over the years, i had thought straight away this is one of those fifa13 players for real, and its not me giving too much credit as its in fact you who gives absolutely no credit respect or reasonable thought.
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