Board Puts Club’s Future at Stake

It was no surprise to anyone that the board even though they reviewed the possibility of raising additional funds, the board has come to the conclusion that the club does not need to raise any additional funds.

 In the board’s infinite wisdom, they are able to repay the £135million loan on Highbury Square by April 2010 and give Arsene the money he needs to improve the squad without the need for an annual “marquee player” sale.

 The real reason why they have turned their backs on this rights issue proposal is that the only two board members with any shares, Kroenke and Fiszman do not have any money.  It was reported in the papers today that Kroenke hasn’t paid for the shares he bought from the Carr family and Fiszman.  The board knows that any rights issue will result in Alisher Usmanov probably buying all the shares available and thus he would become the largest shareholder and they cannot stomach that thought.  The fact that such a move would result in the club be able to clear £100million of debt is completely ignored.

 The board have stated that they do not need to raise this sort of money to compete in an over inflated transfer market.  Well they need to get a reality check, paying £20 million for an international midfielder who will add the steel and fight that is missing from your team is not over inflated, and it is reality.  The days of picking up top international players for £7 million are long gone.  Last season paid £5 million for a player who had player a few times in the Championship, is that not over inflated?

 The board state they are not prepared to put the club’s long term stability at risk, but by not investing in players that is exactly what they are doing.  Last season had many fans and in private Arsenal officials, concerned about Champions League qualification.  The reason was our inactivity last summer when we made half hearted attempts to sign Alonso (offering £12 million when the price was £16 million), Yaya Toure ( not offering him more wages than he was on at Barcelona), and last minute attempts to sing Mbia and Veloso. Unfortunately, I see the same cycle re-occuring this summer.

 Fans are not asking for the club to spend £100 million on two or three players, all we are asking is for the board to put aside their personal differences with Usmanov and do what is best for the club, reduce our debt and give Wenger funds so that he can strengthen the team.

Posted on July 9, 2009, in Arsenal News, Arsenal Ownership and tagged , , . Bookmark the permalink. 13 Comments.

  1. Yes agree you have to ask yourself what planet they are on where has the money gone from transfer profits over the last few years and also the extra cash generated by the new ground which was to enable us to compeate
    Arsenal are one of the most expensive in the world to watch if we fail to win something this year or god forgive fall out of the top 4 the board must be held responsable and resign

  2. “Fans are not asking for the club to spend £100 million on two or three players, all we are asking is for the board to put aside their personal differences with Usmanov and do what is best for the club”

    – it’s the board’s legal responsibility to do what is best for the shareholders, not the fans. However it’s unlikely that the shareholders interests will be far different from those of true fans.

    hysterical members of the press/blogosphere are another matter – but then they are neither shareholders nor fans, so who gives a fuck what they think?

    • northbanklegend

      It is a disgrace the Smanov is not a director of the club, whilst Hill-Wood’ Etonian friends Chips Keswick and Lord Harris are board members, these thrtee have little invested in the club, yet they are determining what happens at our club.
      We may not be shareholders, but football is different, the club belongs to the fans.

  3. Anybody with any insight into the background of Alisher Usmanov can understand why the board rejected his proposal. (look here for a brief report

    He is simply not the kind of person a great club like Arsenal should be involved with. The rights issue is just another ploy to gain control of our club.

    In reality I believe that us fans should join together and buy as many shares as possible, this way WE can have a say in how the club should be run.

  4. I completely support the board in this matter.
    The decision that has been taken, contrary to the beliefs of many of you, actually strengthen Arsenal for the longer term.

    The Club has been roundly acknowledged as the best run club in England, and one not mired in unserviceable debt. The existing directors have been running the club within it’s means for years and have the interests of the club at heart.

    Usmanov is not a fan, he is a businessman. He sees only money. While other clubs continue to spend stupid money on players, increasing already unserviceable debts, Arsenal are steadily reducing theirs and are still competing in all competitions.

    Before you all turn on the board, just ask how much money any of them have made out of the Arsenal. When you know the answer, come back and tell me they aren’t fans.

    I’ll be waiting.

    • northbanklegend

      What do you think Kroenke is a die hard Arsenal fan or someone who sees a great business opportunity to make some money?

  5. TheSKAGooner

    Might I recommend…if you’re going to reference a newspaper article in one of your articles, can you please link to it or at least say WHAT paper it was? I’d really like to read what you’ve said about Kroenke.


  6. there must be a massive rally against the stupid custodians of the great football club “Arsenal”. the only thought in their mind is that how much money they can earn by next summer…

    • northbanklegend

      Just a footnote on the board making money. Fiszman is no longer subject to UK tax, so when he sold his shares to Kroenke, which he bought from Dein many years ago, he paid no tax on the profit- so to those who say they are not making any money, think again

  7. David, ideally the fans should own the club outright. As for Usmanov, Craig Murray’s article proves nothing other than he was perhaps a political favorite, beyond that the article could be libelous. If there is evidence bring forward more than rumour please.

    • northbanklegend

      When the issue of Usmanov and Kroenke came up, I wrote a letter to Arsenal proposing that if the directors are so keen to ensure that the club stays in the hands of people who have Arsenal at stake and the directors are not interested in selling their shares, then they should put all their shares into a Trust and the Trust states that trhe shares can never be sold.
      The reply I got was that this was no possible.
      So much for them having the future of club at heart

  8. Ok so he has a past dont we all?

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