Arsenal have turned down the rights offer suggested by Alisher Usmanov because the board did not want to use “permanent capital in an inflated transfer market”.
Arsenal ce, Ivan Gazidis said: “We can comfortably afford to meet the annual costs of the debt while at the same time generating surplus funds to invest in the club.”
He added that Arsenal is building a team, investing in keeping young players with selective acquisitions which can improve the squad, and said that there is a football graveyard of clubs who have bought not built, and suffered the consequences.
Red & White issued a statement saying: “Based on financial information that only they have, the board have informed us that they are confident they have adequate financial resources to support the manager to strengthen the squad, to weather the property downturn, to renegotiate the Highbury Square loan on good terms and to deal with the continuing difficult economic conditions.
“We do not share their view but are prepared to give them the benefit of the doubt for the moment.
“However, we will keep the situation under close review and remain committed on behalf of interested parties in the club to ensure that there are sufficient financial resources for the club to succeed at the highest level and win major honours such as the Premiership or Champions League, while operating within a self-sustaining financial model.”
That statement creates political pressure to perform, with the ‘funds in the background scenario’, not going away. But it doesn’t say whether R&W disagree with all four points, or just some or one.
On the property front at least, London prices aren’t as bad as people make out and will start to rise in the short term, with critical under-supply. Banks are starting to phone customers to re-negotiate better terms on their mortgages, as signs of the laon freeze starting to melt. Besides, if you talk to the person in charge of selling the flats at Savills, he says all the flats that can be sold are all sold, and it is just parts of the other developments that are dragging.
Some shareholders will be relieved not having to fork out to stop their shares being diluted. But at the same time on the playing side, it probably means more of the same in the short term at least, unless Wenger can horse trade and bargain with exchange deals, a difficult task as the Melo situation illustrates.
Although the Fiorentina midfielder hasn’t yet signed for Juventus, the likelihood is that he will. Juve’s Cobolli Gigli said: “The negotiations are still ongoing.We still need to define certain terms to officially confirm his signing.”
And the policy of tying existing players down to longer term contracts was illustrtaed with the news that Robin van Persie has signed a new deal reportedly worth around £80,000 a week.
“I have been at the club for five years now and there really is a great feeling here at Arsenal. We have a top-class manager, a squad full of superb young players, a world-class stadium and brilliant supporters. Arsenal have a very bright future and I want to be part of . My heart is with Arsenal and I just can’t picture myself in a different shirt.”
Let’s hope he stays fit and plays more than 15 games a season.