The Man City millions can’t be spent on property.
The £39 million that Wenger got for Kolo and Ade cannot be spent on the flats.
It can’t be spent on repaying the debt or building the apartments at Highbury Square.
There were over 2,000 legal documents attached to the Emirates project.One of the key documents prevents a fire sale of players.
When banks lend £260 million, they want assurances on how and when that money will be paid back.
They contracted to be paid back over the next 17 years from gate receipts on Premier league games. It was a securitisation deal backed by the future gate earnings of the Arsenal football team.
So that £39 million is protected by a covenant which says : 75% of all cash from player sales must re-invested in the team.
75% must be spent on new players, or pay rises to current players to keep them at Arsenal.
The six banks see that as logical. Their repayments will only be secure if the team is attracting big crowds. If half the Arsenal team is sold, and results fall away, and the project slips into a downward spiral, and crowds drop to 42,000, the banks will get worried.
What is 75% of £39 million?
I wish I knew. Never was good at arithmetic.