The Arsenal game was off the field last weekend.
Amid speculation that American Stan Kroenke will soon launch a takeover bid, MD Keith Edelman re-stated the board’s position, claiming that an investor may try to take more money out of the club than he would put in.
He told Arsenal.com: “Anybody who invests in a club, particularly from overseas, will want financial returns. Some other clubs with billionaire owners, their debts are mounting up.”
How do you know Kroenke would try to take £60 million out of the club in the first year? He has made long-term deals and long-term plans in all his other businesses. He’s a builder, not a trader. He doesn’t do a lot of debt, he doesn’t do highly-leveraged buy-outs.That is not Stan’s style and if you’d done your homework you’d know that.
However, Edelman said the board “welcome” Kroenke as a shareholder.
OK, but Stan wants to meet the whole board. That would be a sincere welcome, surely?
Edelman also said, “That is the beginning and the end of the story at this juncture. I think the current shareholders have committed themselves to the club and believe in the club.”
Our directors love Arsenal and believe in the club? Then why tell us you won’t sell before July 2008? Why make that “lockdown agreement ” What kind of commitment is that? A 15-month lockdown agreement? What kind of long-term commitment is that ?
“Our current shareholders have been incredibly generous with the club and haven’t taken a dividend for very many years. “
That is an undeniable fact. They have NOT taken a dividend. But the club’s board is too big and too old. And it’s a board whose infighting didn’t stop when they kicked out David Dein.
“I just want to make sure that fans really do understand that if a billionaire buys any club in the country, it doesn’t automatically mean that they’re going to have success or be able to invest further sums in the squads.”
Quite true ! Money doesn’t guarantee success. It took Sir Alex six years to win the league. Only took George Graham three years, Arsene Wenger two years.
“What is really important is that the business runs from the funds that it generates itself.”
A commendable aim. But what if Arsenal struggle in their first eight games in August and September?
“Part of my job is to make sure that we generate the maximum amount of revenue that we can so that we can invest in the squad.”
So why make those deals with Emirates, Nike and the catering company? Because you needed that instant cash to pay the wages while the stadium was being built. Those deals were compromise deals which look worse with every year that goes by.
“We are quietly confident that Arsene will remain the manager for a few years to come. We are in constant contact with him and are awaiting his decision. Hopefully he will inform us that he is going to stay. He has brought some great football and a lot of honours but we would like some more under him.”
We knew Wenger wouldn’t quit if we sacked Dein, so we sacked Dein. We’re quietly confident that Arsene will keep the pressure off us, as he has always done in the past, and we know that we’ve been very spoiled and very protected. We’ve had Arsene Wenger between us and public opinion, between us and Gooner opinion. He has suffered so that we did not have to suffer. And he’s done the best bodyguard job we could imagine. He’s allowed us to sleep at night while he won seven trophies and proved himself to be the greatest spin-doctor football has ever seen.
Some of the smartest, most realistic Arsenal fans are now saying : OK, let’s finish third or fourth, sell the Highbury flats, and then move the team forward.
Taking account everything I’ve heard in the last three months, and taking on board everything that’s been said by the parties involved, my guess is that the biggest problem is still the Fiszman-Dein feud. The sacking of Dein did not end the fear and loathing at the Emirates. In my view, the key problem, and thousands of fans have realised this long ago, is that Danny Fiszman wants to sell the club in a way which precludes David Dein from coming back.
So this is where we are on July 23, 2007.
The Arsenal board say the club is not for sale. Yeah, right. Is that just the position you take to get the price up? Was it Danny Fiszman, rather than David Dein, who suggested Bernie Ecclestone as a stalking horse to jack the price up ?
This week could be interesting.