Gunners Show The Way As Financial Chaos Reigns
In a week in that has seen/may see Portsmouth Football Club go into administration as they fight to remain in existence and reports claim that the Premier League accounts for more than 50% of all football debt across Europe, Arsene Wenger's Arsenal show how a football club should be run.
Arsenal Chairman, Peter Hill-Wood today announced via Arsenal.com profits of £35M and the reduction of debt by almost £130M.
"I am pleased to report that the Group has delivered another profitable set of results for the first six months of the financial year.'
'There has been remarkable progress at Highbury Square over the last twelve months and it is clear that the next couple of years will see our property activities delivering surplus cash. This is very good news, although I would not want to speculate on the exact quantum or timing of this. How we will use this surplus remains undecided but, in addition to investing in the team, I think we will examine investment in Club projects and infrastructure, both in and around Emirates Stadium, which will provide a long lasting benefit to the Club and our tremendous, loyal supporters.'
'Looking ahead, our strong financial base allows us time to take a measured and diligent approach to determining the Club`s direction beyond our move to Emirates Stadium and into the next phase of growth."
Whilst some of the more bizarre (and I'm guessing mentally challenged) members of the Arsenal community are reporting that the club are paving the way for a take over of Arsenal Football Club by clearing the debt as quickly as possible to make us a more attractive prospect to wealthy American or potential suitors and subsequently plunging us back into debt, in reality what the club has demonstrated is that with meticulous planning and good management, not only can you build a new stadium, buy players and compete for trophies (ok we haven't had one for 5 years, but we've still competed) but you can create a financially stable future for the club and it's fans.
Yes it has been frustrating not to win something for 5 years (bigger picture, there are literally 100's of clubs who wish they had won silverware as recently as 5 years ago), but would you really forego the future of your football club for short term glory?
Maybe you should speak to the fans of Leeds United, Bradford City or Portsmouth before answering.
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