The main news yesterday was the release of Arsenal Holdings PLC’s financial results for the year ended May 31 2006. Unsurprisingly our debt has grown by Â£100m because of the new stadium however we’re in a healthy position with cash in the bank. Chairman Peter Hill-Wood said:
2005/06 has been a very busy and historic year for the Arsenal Group. On the field, Arsenal reached the final of the UEFA Champions League and has again qualified for the group phase of the 2006/07 Champions League. With the opening of Emirates Stadium, Arsenal is starting a new chapter in its history and we look forward to it being as memorable and successful as the 93 years the Club spent at Highbury.
And Manging director Keith Edelman was quick to assure everyone that although the debt has increased this is expected, manageable and will not affect Arsene Wenger’s transfer budget, saying:
We are very strong financially and have a lot of firepower if the manager wants to purchase players. We ended the year with Â£36million of cash in the bank. We have lowered our debt repayments substantially. It is a good deal for the club and it means we have more money to invest in players and team development.
So it’s all good then. The increased revenue from the new stadium would be even higher if they could manage to sell burgers and drinks at the same time. So we’re all happy in our new home. But what about the old place? It’s looking a bit sad at the moment as deconstruction begins ahead of its redevelopment. Thanks to ‘The gooner’ for the pic below. It’s a bit sad, eh?
In other news the reserves beat Portsmouth reserves 2-0 with both goals coming from Jeremie Aliadiere. New Brazilian Denilson played some part in the game and will no doubt have been given a nice easy introduction into English football.
And that’s that.