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.