From Michael Budgen:
Sorry for late reply, but this article jogged my memory on the assertion that Gazidis is failing in the commercial side of things.
Yes, Arsenal were slow out the blocks, with an overemphasis on getting cash to pay down debts on the stadium.
However, we are starting to make gains.
Man Utd, Real, Barca & Bayern are way out in front at the moment, for various reasons.
Chelsea, Man City & PSG are above us in this department is because they are owned by vastly wealthy individuals, who then ‘sponsor’ something at the club, or get friends to do so, and pay them back elsewhere, as they can no longer just chuck cash across the counter anymore
Of course the toothless UEFA should stop this, but won’t, just as the FA won’t examine BET365’s ‘generous’ patronage of Stoke by the company & club owners the Coates family. How much is the Stoke shirt worth really?
In summary, we were way behind but are slowly catching up.
I would suggest the excellent Swiss Ramble website for much more detailed thoughts on the subject.
Kind Regards.