ANR has had quite a few emails from worried fans about the supposed £12m annual limit on transfer funds.
The Telegraph's Mihir Bose said Arsenal had a £12m annual limit on transfers for three years. Mr Bose may be a Spurs supporter, but that doesn't justify bending the facts in a national paper to create a negative Arsenal story.
His piece said: "In order to get the bond Arsenal have had to agree to twice-yearly solvency tests, in September and March, and to forecast how much they will spend on transfers [that bit is true enough].
"They say they will keep net transfer spending to pounds 12 million a year for the next three years. If, after that, they finish mid-table, then in the 2009-10 and 2011-12 seasons, transfer spend will drop to pounds 5 million net a year. [but that is taken out of context from the voluminous bond prospectus]"
Managed to put the question to an Arsenal board member at one of the events this week and ask was this true?
He said it was part of the new arrangement whereby Arsenal have to reveal their three years working capital projections. The £12m is a nominal figure. Arsenal can spend more than that if wanted – not by borrowing but from cash generated from within the club.
He explained that if Arsenal sell a player for £20m, then £12m has to go back to player pool [part of the agreements on minimum spend of proceeds from player disposals]. Anything less, and Ambac etc; would regard it as undervaluing of an asset. He pointed out that net transfer spending had previously averaged £7-£8m per season.
So, in effect, Arsenal's potential de minimis transfer fund has risen by 33%.
He said average crowds of 40,000 would cover necessary financial projections two times over. So Arsenal could spend a lot more than this nominal figure, if they wanted.
Whether they will or not is open to question.
Arsene Wenger said one or two more players could come in before the season starts. But having been to events this week, it is clear Arsenal work under the radar. Dealings are secretive. One day a new Arsenal player will arrive without pre-warning.
David Dein in the past has said Arsene Wenger will pull out one or two gems from nowhere. And he re-iterated it this week. [No sooner said than, Adam Dudas, 18-year-old Hungarian youth international striker from Gyor ETO, has been handed a ten day trial.]
The press run some alternative fantasy market, which occasionally touches reality and manifests. The fun, if you take it with a pinch of salt, is to pick which, if any, of the many fantasies will come true.