Can someone lend Arsenal a pot to p*** in?

Online Editorial: Just the £44 million to spend this summer then

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No way to run a football club? The mistakes of the last ten years (not spending, spending badly, player contracts) are now paying dividends.

The Arsenal Supporters Trust released a sobering analysis of the club’s current financial situation, authored by Simon Hill earlier this week.

It’s worth reading in full to get a complete understanding of Arsenal’s finances, but here’s the conclusion…

“Arsenal are cash strapped, boxed in by FFP and saddled with existing debt obligations of £200m that would cost £250m to refinance early. Their rival clubs have much more free cash flow to invest in transfers and salaries and arguably start with stronger squads so it is going to be an uphill struggle to narrow the gap.

Meanwhile it is hard to see much capacity for KSE (Kroenke Sports Enterprises) to justify extracting cash short term (dividends or management fees) at least until the existing debts are refinanced and the losses stemmed.

When Usmanov owned 30% of Arsenal he proposed a rights issue (July 2009) to raise £150m to off some of the existing debts and improve cash flow for player investment but KSE said no and so unlike other clubs like Chelsea, City and Liverpool who invested in their grounds with owner finance or equity to support the cost, Arsenal will remain burdened by these debt related cash outflows outflows (£20m per annum) for the next 12 years whilst trying to stem these losses and bridge the gap on their immediate competitors.

The importance of Champions League qualification is evident.”

Me again. The analysis indicates that Arsenal have around £44 million to spend this summer. Plus anything they can get for player sales. Bellerin is injured, so no-one is going to be buying him. There are certainly clubs that would take Lacazette and stories about Chinese interest in Aubameyang made brief headlines. The club won't really want to lose either of their strikers if they are trying to improve on last season as this was one of the few areas on the pitch where Arsenal delivered. It was goals conceded that cost them a Champions League spot.

There are clubs that would take the likes of Mustafi and even Carl Jenkinson at knockdown rates, but they would be highly unlikely to match the generous wages they are being paid at Arsenal. The best options for the club would be to either to send them on loan with the receving club covering a proportion of their wages, or give them free transfers simply to save on salary costs. They could be replaced by players from the under 23 ranks to fill up the squad numbers.

On that score, the rule about a Premier League club having eight ‘domestically developed’ players in their squad of 25 remains. It means a player would have had to be registered with an English (or Welsh if they play in English competitions) club before they turn 21. Arsenal will lose Ramsey and Welbeck from the quota, so you’d imagine they will fill up this number from younger players from the under 23s as they get older. Because Konstantinos Mavropanos joined the club before he was 21, he would count as one of the eight. It seems unlikely the club are going to do any bargain shopping in the lower divisions (although perhaps they should), and there is a premium on qualifying players already playing in the Premier League when it comes to transfer fees, because of this rule.

Given that Stan Kroenke is not going to help the club out financially (by spending in areas that do not compromise FFP regulations, such as covering the annual £20m stadium debt repayment), two things are certain. Arsenal cannot afford to gamble and are going to have to shop clever, with the odds against Unai Emery returning the club to the Champions League probably greater than they were 12 months ago. How can he improve on last season minus the contributions of Ramsey and Cech, with only £40 million to spend? Go figure.


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  1. Miamigooner

    Jun 28, 2019, 01:25 #114255

    I’d like to see Kroenke , the greediest scumbag on the planet, get Ebola, and be gone by next week, ......... The least we deserve is ,the highest ticket prices in word football, and the greediest cunt on the planet as an owner, who couldn’t even be arsed to watch our final............greedy, nasty leech cunt.

  2. markymark

    Jun 21, 2019, 06:20 #114191

    A point needs to be made here. Stan whether he is the Grinch or not has signed off on a lot of expensive players over the last 5 years. Even Emery got a reasonable budget season 1. A lot of those transfers have not worked out. That’s not Stan’s department. Man U have spent the USA defence budget and done worse. Tottenham less and done better. Where does it point? Stan’s biggest sin was too much loyalty to Wenger and Ivan. Potentially with benefit of hindsight Ivan should have gone first therefore putting structure in place ready for Wenger’s dismissal

  3. Exiled in Pt

    Jun 19, 2019, 12:46 #114178

    I honestly think it is time to do the same as United FC and Wimbledon start again with a club for the real fans run by real fans , i would happily donate to help start it. Henry Norris must turn in his grave and lets be honest he was a slippery corrupt chap but at least he used it to build the club up not to just profit out of it and watch its demise ......

  4. peter wain

    Jun 19, 2019, 07:05 #114174

    another day and no movement in the transfer department. Bellerin out for the start of the new season means we need both a new right back and a new left back. I suppose we could always ask the tea lady to fill in. The running of my club is an absolute disgrace - yank out now.

  5. itsRonagain2

    Jun 18, 2019, 21:16 #114173

    Arsenal Football Club. 2005 -2019. Personified by Walcott and Ozil. It’s an inspid, anaemic cold and sterile Club. The removal of AW has changed not a jot there. The oft used expression of an entity losing its soul applies to AFC 100%. Truth is that what we see now actually has its origins right from Wengers arrival when despite his so called career extending excercise of the old back 4 , he actually saw them as a blight on the club that needed cleansing by the mass import of continental players. Put aside money, the success of surf snd Chelsea occurred as much by keeping a rump if indigenous players as by cheque book wielding. It’s now being repeated by Liverpool too. Arsenal’s malaise has been a long gestation and they’re now reaping what they’ve sown. Money can’t buy an identity or personality. Invest in the young players we do have is the motto now. Forget more 35 mill sticking plasters. Yes, the club might slip forther in doing it, but some meaning to the club might yet follow in the longer term. They do worse as well by consulting with engineers with a view to gutting the awful stadium too with a view to giving that some personality too.

  6. markymark

    Jun 18, 2019, 14:09 #114172

    Sounds like Sarkozy met with Qatari officials as part of the deal PSG would be funded by the UAE princes. Platini was present and asked to deliver the vote. Probably find that the UAE ownership was actually paid for largely by Qatar. Prison sentences for the both of them and change of World Cup venue would be good! Unlikely to happen though I’d guess

  7. markymark

    Jun 18, 2019, 13:57 #114171

    Two bits of comedy gold today 1: UTD apparently considering giving Pogba £500k per week to stay 2: Michelle Platini arrested

  8. Don Howe

    Jun 18, 2019, 12:35 #114170

    Dear Mr Emery, According to my calculations the wage cost of Mesut Ozil is £20 million annually. His presence on the field of play is effectively to reduce the team to 10 men. You don't want to play him. No one wants to buy him. If he has 2 years to run on his contract and could potentially be sold for say £40 million, there is now no loss involved in dismissing him. This can be engineered by putting him on a performance improvement program and a disciplinary. The resulting hissy fit of outrage will see him leave the club of his own volition. If you don't know how to engineer this then I can show you. Signed a well wisher.

  9. Exiled in Pt

    Jun 18, 2019, 12:02 #114169

    Peter hopefully Freddie moving up is a good sign we will see more of our under 23's playing in the first team as supposedly Freddie will be able to assist the transition as he has worked with them for a season ! In my opinion that can only be a good thing and lets be honest we all want the wank Yank out but it is not going to happen ....

  10. markymark

    Jun 18, 2019, 07:33 #114168

    CG - the only thing I’d say is the keepers are always amateur. I wonder if it’s the size plays a part. I do agree the general standard is rising. Apparently Dick is finding it difficult to offload Ozil and Mustafi. I’m flabbergasted. NOT! Perhaps Kronke can have A shadowy cabal style phone calls to Erdogan asking him to take his pal Ozil for the glory of Turkey

  11. peter wain

    Jun 18, 2019, 07:07 #114167

    why are we changing coaches around. Is it like moving the deck chairs on the deck of the titanic? Kroenke out now.

  12. Exiled in Pt

    Jun 17, 2019, 22:42 #114166

    Don't panic transfer kitty has an extra 3.5 mill in it, Ospina is a done deal to Napoli apparently. Am I the only one wondering why we are not offering Jenkison as part of a deal to get the Celtic left back... Hope Dick was watching young Bielik last night more promising signs from our young Pole.


    Jun 17, 2019, 18:49 #114165

    Don H -no unfortunately not because I have really enjoyed the World Cup matches to date. Huge improvements in female footie, although I have noticed a worrying increase in the theatrical stuff - wonder where they got that from? As for AFC I am rapidly losing the will to live, although I am enthused about Freddie's new role.

  14. markymark

    Jun 17, 2019, 18:32 #114164

    Strong rumours we are buying Saliba but then loaning him back for one year if this is true the 43m kitty story makes no sense or it means agreements over player sales to other clubs are in place. We shall see.

  15. Don Howe

    Jun 17, 2019, 16:24 #114163

    Cornish? Did you watch the charity football match on the TV last night. In the first half Katie Chapman was playing in a defensive role and Rachel Yankey was putting in passes to the celebs and old boys. The reason England did not win was because these ladies were taken off. Our jolly super girlies listen to what is said to them re gameplan and practices and make it count. Male footballers are THICK and the ones that aren't cost a bomb. Well done ladies.

  16. peter wain

    Jun 17, 2019, 12:22 #114162

    The only person to blame is the owner and the FA. Clearly Kroenke is not a fit and proper person to own Arsenal and the FA should be ashamed to allow this to happen. All we have to look forward is a steady decline in our league position and crap football. Thanks Stan much appreciated.

  17. TonyEvans

    Jun 17, 2019, 12:04 #114161

    Historically (since my support started in 1970 anyway) Arsenal have never been what you would call big spenders. The occasional Supermacs and Charlie Nics were always nice surprises but were never expected. It didn't seem to matter to me back then, but it damn well does now since we were sold the stadium move on promises of competing with the big spenders! Now look at us - we will probably be outspent by Westham this summer! The whole situation at Arsenal is nothing short of a disgrace and our great club's name has been dragged through the gutter by greedy corporate leaches, and I include Wenger in that company!

  18. Ebor Gooner

    Jun 16, 2019, 22:37 #114160

    We've got no money, or more accurately Kroenke won't invest. The way forward now is to put more of the youngsters in, and we have some talent there, based on cameo performances last season. Add a couple of experienced PL defenders, who will make us harder to beat, and wouldn't cost a fortune. Somebody like Tomkins at Palace or Boly at Wolves. Sure, I think we might go backwards for a season, but I'd live with that if I thought the likes of Sideshow Bob, Maitland Niles, Willock, Nketiah, Smith Rowe, Bielik, and Reiss Nelson were given the opportunity, as I believe they could be the instrumental in Arsenal really challenging for honours in future years.

  19. Ebor Gooner

    Jun 16, 2019, 22:35 #114159

    We've got no money, or more accurately Kroenke won't invest. The way forward now is to put more of the youngsters in, and we have some talent there, based on cameo performances last season. Add a couple of experienced PL defenders, who will make us harder to beat, and wouldn't cost a fortune. Somebody like Tomkins at Palace or Boly at Wolves. Sure, I think we might go backwards for a season, but I'd live with that if I thought the likes of Sideshow Bob, Maitland Niles, Willock, Nketiah, Smith Rowe, Bielik, and Reiss Nelson were given the opportunity, as I believe they could be the instrumental in Arsenal really challenging for honours in future years.

  20. Seven Kings Gooner 1

    Jun 15, 2019, 21:45 #114158

    Ron Paul I think you are a bit harsh on Torreira, he has been trying to shield one of the poorest defences in the PL. His performance against the spuds at the Emirates made him alright with me.Ok he tailed off but this was his first PL season. Still if it gives us a few Bob to buy another Mustafi then what the hell!


    Jun 15, 2019, 19:25 #114157

    Do PL rules plus sexism prevent us from signing the entire English Lionesses? With the exception of the rather short goalkeeper of course & I rather like Leno. Someone will no doubt point out that there would be hairstyling issues resulting but then neither Hector or Matteo would be guaranteed a starting place.

  22. markymark

    Jun 15, 2019, 18:51 #114156

    I’d suggest it’s best not to get too emotionally involved with the players at the moment as any could go to create funds. Arsenal due to the ineptitude of Wenger and Ivan basically cocked up 50%+ asset growth in players. The Spuds from a weaker position and actually the Pool as well have played the market wonderfully. We have been hopeless and so to an extent have UTD. They’ve just bought very expensive , seen it not work and trade back to release equity. If any player appreciates in value Arsenal simply have to look at it.

  23. Pauljames

    Jun 15, 2019, 17:41 #114155

    Agree with Ron about Torreira, started well but faded badly as the season wore on, and disappeared like the rest of them in Baku.A lengthy summer campaign with Uruguay does not exactly bode well for next season either. Lacks the physicality to dominate premier league midfields.On the wolves manager , why would he swap Molynieux for Emirates? Two clubs on completly opposite trajectories, think he’ll wait for a bigger club to come calling .

  24. Exiled in Pt

    Jun 15, 2019, 17:05 #114154

    Good shout Ron, he does look a very good coach Nuno.. Got to be honest cannot see any decent signings happening and cannot see many being sold either.. Nice to know the club has banked the season ticket and various other membership monies thou!! Cannot say got much faith in Edu turning it all around, if you read the crap in the press he will not be involved in signings in this transfer window.. All this talk of great young Brazilians, who naturally don't settle well in UK. More Denilsons after all he was a Brazilian youth captain and going to be the next best thing..... Same old Arsenal same old shit..... We should of got Overmars in the role look at Ajax, there is a man who understands a tight budget to build a team.

  25. RobG

    Jun 15, 2019, 13:04 #114153

    Not good is it ? Not good at all. The mismanagement of the last six Wenger/Gazedis years will haunt us well into the 20/21 season if not beyond. andy1886 - you sum it up nicely. The one thing this coming season promises is the sight of some of our better youngsters getting Prem' game time. Smith-Rowe, Nelson, maybe Beilik ? and a couple of others. We could well go back down a position or two as a consequence. But I'd take that if it looked like we were trying to recast things. The other big issue for me is the deadwood. I want Ozil and Miktaryan gone. I know I'm not the only one. But nonetheless, it can't be overstated. Add in Jenkinson, Mustafi and if necessary one of the front two to bring in some money to shore up that defence. They have to gamble and roll the dice. I don't see we have much to lose by doing so.

  26. itsRonagain2

    Jun 15, 2019, 10:51 #114152

    SK. I d sell him for that price mate. He doesn’t seem happy based on the odd comment he makes but for me, he’s too small anyway. He snaps and snarls a bit in the right places but in truth he lacks power and nobody is intimidated by him. I say this on the basis that we buy an upgrade though. For me, there’s not one player in that squad that I d raise an eyebrow at if sold for the right price and I include the Coach too. An approach and right price in compo wd see him on his way for notwithstanding my backing of him for next Season. I d like to see Nuno from Wolves be the Dicksters successor. Very assured and takes no shit from anybody and knows how to balance a team. Re the Spuds spending comment, there will be some big sales there to fund it. Re no cash at Arsenal. It’s a combination of lies plus the barmy salaries they’ve got to shift. Re Ozil outstaying Dick. Highly likely. Is he boning Wiggys Daughter? Never mind, it’s going to fun watching Manure fail with that lightweight spending there money on anything that moves and breathes. That’s the antidote to enduring Arsenal’s decline.

  27. markymark

    Jun 15, 2019, 08:22 #114151

    The Journo Rafa Honigstein is suggesting that Özils advisors believe he will outstay Emery . There’s a lot of disfuntionslity in this club of ours. Vinai and Raul will have their hands full, not least Emery.

  28. mad max

    Jun 14, 2019, 21:46 #114150

    I still find it hard to believe we have so little money to spend. the money pouring in from the tv companies is staggering, Tottenham have just spent almost a billion on their stadium, yet their looking to break their transfer record twice in the coming weeks. west ham have just 24 mil on fornals, utd toying with the idea of 95 mil for griesmann, I just despair at the way our club is being run. the old Etonians have handed over power to johnny foreigners who don't have any Arsenal running through their veins. we're supposed to be the 6th richest club in the world yet we struggle to bring any stellar signings. it's so depressing and until the septic tank sells the club to someone who gives a F---- it's only gonna get worse .there used to be a football club at N.5


    Jun 14, 2019, 18:48 #114149

    Utterly depressing how a once great Club seems to be disintegrating before our eyes. The "Management" don't seem capable of carrying out the most basic PR to give supporters any confidence that there is a plan in place. Drift is rapidly becoming a slide into chaos. Unless someone gets a grip & shows true leadership or, better still, Stanley does one & retreats to his massive ranch, I can see a decade of stagnation where the prime target will be to stay in the top 6 which is looking increasingly difficult. No massive sponsorship deals or top, top players will want to be associated with the current shit show.

  30. Exiled in Pt

    Jun 14, 2019, 18:46 #114148

    First 2 places I believe are sown up next season, third to seven could be a real tight battle! I think and probably hope more that the scum down the road, will drop a bit more, Chelski may also struggle with a new man in charge and Man Ure are looking to throw a lot of money at trying to rebuild and I do not see it working out..I would be happier with 2 defensive signings and bringing the kids on. Pointless talking of spending money we have not got so forget more mercenaries like Carrasco and fingers crossed we can get near that fourth place.....

  31. Seven Kings Gooner 1

    Jun 14, 2019, 18:37 #114147

    Nasty rumour that Torriera may be off for 35million. It is a profit - what more do we want!!

  32. Pauljames

    Jun 14, 2019, 18:01 #114146

    We ll probably get 70-75 points again, our only hope of top 4 is two of Chelsea, Man U and Tottenham having really poor seasons. Possible but highly unlikely.

  33. markymark

    Jun 14, 2019, 16:41 #114145

    I argue we’d do no worse by signing no one , bringing in youth and shipping out Mustafi . 44m net is not particularly worse than many clubs. However the blundering of Wengo and Ivan in not offering £200k a week to both Özil and Sanchez and then putting them on a 3 year deal each absolutely crushed our capacity to haggle for higher sell on fees and achieve market level asset growth. They are the equivalent of property developers losing a pile of money in a rising market ( Clueless ) . If anyone remembers Wengo was quoted as saying that many players will end up going for free transfers in the future . This was a typical Wengo cover up whilst trying to make out he was some sort of sage. Ivan of course said he searched the whole world and could only find Wengo. As he said those words I nearly choked on a pint of piss poor Cooking lager. Still it saved me from chucking it at him. As Mr Ron2 wisely writes this is going to take a few years to make right

  34. John F

    Jun 14, 2019, 16:36 #114144

    Hi Ron ,I thought Holding was really starting to play well before his injury and hopefully he c an pick up that form again.Chambers was moved up to DM by Fulham and won their player of the year which is almost unheard of for a loan player.With the lack of funds available there isn't much of a choice really and feel they should be given a go.

  35. peter wain

    Jun 14, 2019, 16:12 #114143

    totally agree about Holding He is just not quick enough and as we like to play high pressing we need quick centre half - at least two

  36. itsRonagain2

    Jun 14, 2019, 15:55 #114142

    AM - Yr absolutely right. Its static more or less for some years. The unravelling of the Wengo/ Gazadis mess was always going to take 2 or 3 years. Some people underestimate the difficulty in rolling back 10 years of mismanagement, especially as the Club now have to budget in such a way that perhaps CL isnt returning for a few years yet. A bit perplexed by the occasional suggested need for Holding and Chambers? What have either done to show they can really cut it and make Arsenal better? I stated off optimistic for Holding and he had a betre start to the Season, but is he really going to boss a defence? I dont think so. Chambers was at Fulham for a reason.

  37. ArsenalMagna

    Jun 14, 2019, 15:06 #114141

    *When listing the deadwood, it was meant to say over £50m, not around £40m. I agree that Rabiot is not likely to join, by the way. I actually think Guendouzi will get promoted to that position as a regular. I personally don't believe we can really make any big strides till the deadwood have cleared out in a couple of years.

  38. peter wain

    Jun 14, 2019, 11:57 #114140

    we will not get rabiot as he wants champions league. Get the yank to lend us £250 million it is his fault we are in this mess

  39. ArsenalMagna

    Jun 14, 2019, 11:14 #114139

    Leno is already becoming a fantastic GK and I would say already is comparable to Cech of the last few years. Ramsey was really inconsistent and this would have only become more so as he was getting older. The club obviously need a new winger, box-to-box midfielder, CB and maybe LB, at the least. As I said before - and the article you cited Kev certainly backs this up - the club need to reduce the wage bill to get a decent operating profit without CL football (see it says an operating loss of £14m expected next season even with the new kit deal). That won't happen for a couple of years till the deadwood's contracts run down; when you add up what they're all earning (Ozil, Mkhitaryan, Xhaka, Mustafi, Elneny, Socratis, Jenkinson), it's around £40 million per year. I expect we'll release Auba too in a couple of years as he'll be 33. Kos and Monreal will be gone too by next year, so we're looking at another £20 million annually from them leaving. A good transfer window this time round would be getting Rabiot (free), Carrasco/Fraser (£25m), and maybe Saliba/Manolas (if we could pay in installments) at CB.

  40. andy1886

    Jun 14, 2019, 11:06 #114138

    Yes the £20m a year on a stadium that increased our match day income by £50m a year is inconvenient but much more so is the quite bonkers wage bill where for circa £34m p.a. we get to witness the delights of Ozil, Mkhitarian, and Mustafi. Seems obvious where we've gone wrong, bought poorly and sold even worse. Even of we freed up those sums by giving the aforementioned free transfers (wouldn't bet on many takers) would anyone trust the half wits running the club to invest it wisely? Bin off the deadwood, give youth a chance (accepting that we might struggle) and save the cash for a time when we might actually have a decent back room staff who can pick a player without deferring to a poxy computer program.

  41. John F

    Jun 14, 2019, 08:15 #114137

    I wouldn't say we are worse off then last year.Bellerin and Holding should be back and we have Mavropanos,Ballard,Sako,Nelson and,Smith Rowe coming through.Guendouzi,Willock and Torreira will be better with age.Chambers could be a big player after his successful spell as a a DM with Fulham.We just really need to ship some dead wood and get a couple of signing s especially in the left back area.