A Results Based Business

A guest post from Andrew Luck (aka ArsenalAndrew) this morning…

Football, we are often told, is a results business. But what does this actually mean?

Depending upon who you are, ‘results’ can mean dramatically different things – if you are Chelsea, for instance, it apparently means winning the European Champions League and ideally the English Premiership, pretty much as a minimum. It doesn’t appear to include losing a Champions League final or coming a close second in the Premiership.

If you are a team like Sunderland, the definition of acceptable ‘results’ in the last decade or so have veered from simple league survival to maybe a slot just outside the top four. To lose the status of ‘yo-yo’ club has possibly been their greatest achievement – their only real ‘result’. For newly promoted clubs, simple survival is viewed as a ‘result’. Actual cups are hardly an agenda item and playing with any kind of ‘style’ is very much an optional extra – so much so that on the rare occasions that it happens, it can make headline news. For a club like Arsenal, the very definition of the word ‘results’ and the meaning of an ‘acceptable result’ is causing pretty greater controversy over almost anything else. Meanwhile Arsène Wenger’s contract renewal date inches ever closer.

The consensus view amongst Arsenal fans appears to be making the footballing equivalent of a seismic shift.

Although seemingly very different clubs, Arsenal and Manchester United have one feature in common that few would have predicted even a decade or so ago. To be a follower of either clubs would now appear to require a degree in Economics, ideally augmented with a Masters in Finance. Today, a ‘meaningful’ conversation about either great institution is hardly complete without an appraisal of the latest bandied around figures. Indeed, time and energy to discuss the last match played, let alone the next one coming, is sometimes the optional extra for fans of both clubs.

One assessment of MUFC’s financial prospects so enraged elements of the United support a few years ago that they went off and set up their own club in what was surely the ultimate ‘we are taking our ball back’ moment in football. Neutrals to this day are unsure whether to mock or admire.

Today, all around the Gunners’ world, the phrase “We want our Arsenal back!” is starting to become more widely repeated. Once again, neutrals are unsure whether to mock or admire. For those of us with the fondest memories of Highbury stretching back whole lifetimes, the very phrase is almost cruelly evocative of a stadium now gone and an era lost forever.

For the more recently acquired supporters, this phrase resonates of a recent time in which the club not only competed at the highest levels but also actually won ‘things’ whilst there. And not only winning those ‘things’ but doing so in the most majestic, imperious – and literally, at times, unbeatable – fashions imaginable. For these supporters, they too would like back ‘their’ Arsenal – a club that has seemingly been mislaid, rather than actually lost. And for a third set of supporters, the ‘We want our Arsenal back’ phrase resonates in the hallways of the seemingly disenfranchised, the former holders of season tickets long since priced out of the club but still in possession of the stub marked ‘Lifelong Supporter’.

The financial machinations of great clubs often seem the most complex of puzzles. Actually, for some of them – the Chelsea’s and the City’s – the outlook is relatively straightforward. For as long as their owners continue to back them with the requisite funding, not even a sideways glance at the numbers is actually required. Fans can just sit back and enjoy the ride. Indeed, if the empty seats evident at City’s most recent excursion to the Champions League are anything to go by, not even THAT is required.

Most professional sports men and women are driven by a desire to win. Sir Alex Ferguson could arguably be described as the ultimate embodiment of this concept in a career in Manchester hallmarked with trophy-laden success. The achievements of most other managers can legitimately be benchmarked against the success of this one man.

But this is where the waters get muddied as the one manager who can’t quite be compared in the same way is Arsène Wenger. Today, the hallmarks of his Arsenal reign can be seen through two very different prisms, helpfully date stamped, for ease of reference. A look through the older device displays on-pitch glory that has far exceeded the success of free-spending Manchester City despite recent investment heading north of £1 billion. The view through the second prism is dominated by the imposing image of one of the world’s most impressively smart, state of the art stadiums.

Footballing endeavour for Wenger has resulted in outstanding success on the pitch and an outstanding home for that success in the shape of a stadium created out of nothing on the site of an old waste incinerator. Uniquely in football, his ‘results’ don’t merely sit in a trophy cabinet; it is the cabinet itself, the room within which the cabinet sits, the office suite surrounding, the pitch it all overlooks and an entire stadium providing both a home and a symbol for a club built on the proudest and soundest of traditions.

Football is a results based business yet the construction of the Emirates stadium resulted in the loss of the old Highbury and, in recent years, the trophies that went with it. Football is a results based business yet the results by which Ferguson is judged, have not applied to the arsenal manager thanks to the now aging Trophy and the ageless Stadium Prisms through which we have until now, peered in order to judge him.

Wenger is a man motivated to compete and win. So much so that he built a stadium to ensure his adopted club could do just that. As the years have fallen away, his ability to compete and win have been compromised – by his competitors and by the unregulated sums of money flowing into the game. All this at a time when the very thing he built to enable him and the club to compete and win required us all to scrimp and save. His expenditure was drastically curtailed; our expectations painfully capped, cut and compromised.

Losing to his competitors on the field is one thing but losing the support of those who support the club is the one result of the move to the Emirates Wenger will ultimately be unable to absorb. As supporters plead for the return of ‘their Arsenal’ and the stadium attendances begin to resemble the Etihad on a Tuesday night, any cash reserves the club may have gathered will be rendered somewhat redundant if the cash flows required to keep the Emirates afloat begin to subside.

What happens next to Wenger in the post-Arsène years is anyone’s guess; the footballing world will likely prove to be his oyster. He may lose a club but his reputation remains a big winner and he will doubtless go on to compete again. For many who ‘want their Arsenal back’, this would no doubt represent a French Champagne moment, a victory in a league of its own and many open arms will doubtless await his successor. And the ones after that.

The loss to the club of one of the finest footballing brains the world has ever known – one that delivered results both on and off the pitch in the most spectacular and glorious fashions will prove inestimable. Constrained by paucity of funds, undone by the arrival of the new and minted kids on the block and finally abandoned by enough of the fans to make a difference, his final departure would represent the greatest loss imaginable, both for him and for the club.

And in a results based business, that’s probably no good thing.

467 thoughts on “A Results Based Business

  1. Anicoll5 @ 2:27:

    That gets back to the whole issue of flat wage structure. If Giroud turns out to be the 30 goal/year striker we need, he is going to want top wages in a couple seasons. It makes no sense that we are consistently in the top 10 in wage bills in the world yet have no one player at 100K/week. I think, we could “afford” to pay a player or 2 on top wages without sacrificing our financial stability. If we want to move out of the revolving door that we are currently trapped in then we need to pay at least a couple of players those type of wages. Like it or not, that appears to be the reality of the situation.

  2. You may be correct Bill and although it was all distinctly vague years the £100k barrier was comfortably breached by TH years back

    Much difference that ultately made

    I think it is probably much less likely we would sign a player as the top earner in the club

  3. Two of our best players really are struggling for form.

    * Mikel Arteta made an error leading to a goal, gave away and missed a penalty v Fulham. According to @WhoScored, he’s the first player to achieve that triptych of errors in Europe’s top five leagues since 2009.
    * Santi Cazorla has not registered an assist in his last 11 games for Arsenal in all competitions.
    * Olivier Giroud had the same number of shots (7) as the rest of the Arsenal team put together v Fulham.

  4. I have no problem with fish and chips, I just don’t see why anyone would want to eat them in a football ground. Most people eat outside the ground. There is some great food to be had not far from the stadium, for a fraction of the price.

  5. Jonny, I liked the way arteta had the cahoona’s to take that penalty on Saturday, him and santi are not the only ones in a dip, a north London derby could be just the tonic for that, don’t think santi will start-he’s not back from panama till Friday!

  6. Anicoll5 @ 3:19:

    True regarding Henry’s wage. Again points out how the thinking in the club is not working. TH is arguably the best player in history however, having his wage a decade ago as the highest in club history is not going to work for a club with the ambition of ours. I understand why the boss went down the flat wage path but it was a miscalculation and needs to be changed now. IMO

    Regarding your last sentence. Why not sign a player as the top earner??? Again that smacks of cookbook management. We don’t have anyone in our club on high wages right now so that sort of thought process completely hamstrings our ability to bring in any new impact players.

    In the last couple of seasons we have sold cesc for 35m, nasri and RVP and Adebyor for around 25M, and Song for 15M. We have replaced them with players that all cost low to mid teens. Arsene did that successfully for a while but even can’t do that forever without our clubs talent levels going south compared to the league. Reality is we are falling away from the top and and may be more concerning is we are closer to the chasing pack? I think Arsene’s advantages in scouting have decreased and the fact that he can’t hide what he is doing from the media means any really good ideas he has can get hijacked. He has lost a lot of the advantages he used to have in talent acquisition. I am not advocating that we spend ourselves into oblivion but we certainly have enough financial muscle and flexibility to change of the things we have been doing. Like it or not, the cookbook we have used is becoming outdated.

  7. You guys are not much fun anymore. After all the negative stuff I put in to those posts I at least deserve a good “F**k off and die you doomer”. Oh for the good old days. ;).

  8. Frank, I loved the band at half time and the bloke throwing the baton in the air, that and my dad calling stan flashman a c u next Tuesday.

  9. The atmosphere in the grounds are electric. To this day I have never heard anything like the Dortmund crowd. It was deafening. And not just one section either; the full crowd singing the songs jumping up and down together in unison. It is really impressive.

  10. “..the full crowd singing the songs jumping up and down together in unison.”

    Ah, well. There you go. They’ve had a lot of practice.

  11. The first German game I ever saw live was Monchengladbach Vs St Paulli many moons ago. I was stood on a terrace with a beer and a Gyros Pitta. In the first minute of the game Gladback hit the bar and St Paulii went up the other end and got a pen. Which the keeper came up to take, missed, but scored the rebound. All in the first 45 seconds. I was amazed. Heh, the rest of the game was crap though.

    Anyway, off home for home made Pizza. Oh yes.

    Laters 🙂

  12. Oh go on then Bill – F*** off you doomer

    Actually it is not all that doomey – simply questioning why, if the funds are available, we do not take a punt now and then

    I think it was Ray Parlour on the box about eighteen months ago discussing Chels’ spending habits compared to ours – they had just bought Torres, Luiz and Ramires in the space of a few months and RP was acknowledging Arsenal could not compete with that bottomless cash pit – but he went on to say surely Arsenal can afford one top marque £30 m player, just one ?

    As we all agree just spending it is pointless for the sake of spending it – Ask Kenny Dalglish – but there is quality out there and we need more offensive weapons

  13. Last time I went to Munich they were selling only non alcoholic beer outside the ground as well as inside – a couple of real beers and we would all start going beserk obviously

    What was more difficult to follow was the thinking behind the steak knives piled up next to the Wurst stalls – ready for action !

    been to three German grounds, Munich, Hamburg and Berlin – good days out – Berlin probably the pick

  14. Anicoll5. @ 5:13.

    Agree with that. It’s going to be tough to out of the revolving door without doing a few things differently and taking a punt now and then. Perhaps I am way off base regarding what’s really happening but I wish there was someone in the club who had the cajones to tap arsene on the shoulder and point out to him that what he was/is doing on the pitch and off has not been as effective in the last few years and may be he should “think outside of his usual box” now and again.

  15. Same old shit then
    I really annoys me when you find something unpalatable and people say “oh that just how it is these days”..Do people not realise that it is because we shrug our collective shoulders and say”oh that just how it is these days” instead of saying “no.fuck off ,that’s unacceptable behaviour” that it becomes “just how it is”
    You can only accept people with no values ,if you are prepared too have no values yourself.
    Parents accept bad behaviour from there children If they too exhibit the same poor behaviour.
    Someone has to take a stand against the way the game and players are heading.
    I hope it is Arsenal that take the lead.

  16. I accept that for individuals and for mant organisations.

    I struggle to see how it can be applied by a football club with any prospect of improving how football operates.

    That doesn’t mean I want Arsenal to go all Mansor on us but I don’t really think that, 1. Arsenal is on a moral crusade and, 2. If it was, that it would make a blind bit of difference.

  17. George

    The rest of the footballing world is a lot more likely to follow our lead and make changes if what we are doing is successful (based on what most believe is the standard definition of success for a team like ours). We can’t continue a one club crusade if it means falling on our own sword. IMO. To me the best course of action is to maintain a better balance. Besides if we really want to help football its not just about bringing the clubs above us down to our level, it should also mean helping to bring the ones below us up to ours so everyone has a chance. Doubt we will see the latter as being part of the agenda.

    No way to prove who is right or wrong based on any objective measures since a discussion like this it is completely a matter of opinion. To each their own.

  18. A bit Old Testament innit

    Make a stand against what exactly – the inalienable right of a English Premier League club to pay two blokes £50k a week rather than one bloke a £100k ?

    One stand I would not mind seeing our club dig in on is actually forcing players to stick to their contracts when they still have years left on them – no one held a gun to their head, or their agent’s head, to agree and sign the contract – so why 12 months later does it need to be “renegotiated upwards” or they are offski

    The moment that crap starts prepare to sell them, and in the interim go and train with the Academy

  19. Why did David Dein choose to not place his cajones between the Anelka Bruvvers and Real Madrid?

    The Club seems to be standing where it has always stood. That’s as reasonable a piece of speculation as could be considered upon this matter.

    The Football is more interesting to me. Carzola, Panama. Not good. That’s what I’m worried about. But then there may be Arshavin? What a horrible option to have!
    45 mins at the most (sorry PG), that’s my speculative guess.

  20. anicoll5
    November 13, 2012 at 1:06 pm
    I don’t think anyone said can’t afford Cavani Zinc – I think the price bracket around the £35 million mark falls into the won’t afford him – it may be I am pleasantly surprised although (supposedly) Napoli have slapped a 50m Euro price tag on him

    As for his wage expectations …………………..?

    Without being too pedantic, the post I quoted explicitly stated we can’t afford Cavani. I agree on the won’t part but that’s an entirely different situation to can’t.

    I wasn’t planning on starting a discussion on the problem with our wage structure because I assume each and every one of us has been over the issue plenty, but the fact remains we could afford to buy Cavani and pay him relatively decent wages – if City or Chelsea have set their hearts on having him then obviously we won’t be able to compete but they’re not after every big player in the market.

    We can afford to buy an expensive player or even two – the difference between us and Chelsea is that if their big name buy flops it makes no difference, the club move on and buy the next star – we don’t have the same luxury but personally I don’t see it as an issue – Wenger bought three great players in the last window for £33 millionish, he doesn’t need to go tits in January.

  21. As you say Zinc the wage structure has been done to death and while we know what the total is the rest of the debate is based on some fairly sketchy info

    I agree on the advantage that the ultra rich have on buying flops that can be written off – and by God Roman and the Mansours have bought a few dogs – Fergie has had his Verons and his Hargreaves and even £30 mill for Berby was a lot for one decent season

    Even so perhaps it is frog kissing time

  22. pedantic george aka Blackburngeorge
    November 13, 2012 at 5:36 pm
    Same old shit then
    I really annoys me when you find something unpalatable and people say “oh that just how it is these days”..Do people not realise that it is because we shrug our collective shoulders and say”oh that just how it is these days” instead of saying “no.fuck off ,that’s unacceptable behaviour” that it becomes “just how it is”
    You can only accept people with no values ,if you are prepared too have no values yourself.
    Parents accept bad behaviour from there children If they too exhibit the same poor behaviour.
    Someone has to take a stand against the way the game and players are heading.
    I hope it is Arsenal that take the lead.
    What’s this specifically referring to?

  23. It’s a very witty and well written piece.

    Of course, we haven’t had too many people saying those things, have we?

    You are saying that others here are saying it, george.

    Who is, apart from Ateeb and the chuckle bros.?

  24. Hey Yogi,

    I don’t suppose there is still a way to have all the comments on one page is there?

    This new set up makes sorting out my train journey a darn sight more difficult.

  25. anicoll5
    November 13, 2012 at 7:30 pm
    As you say Zinc the wage structure has been done to death and while we know what the total is the rest of the debate is based on some fairly sketchy info

    I agree on the advantage that the ultra rich have on buying flops that can be written off – and by God Roman and the Mansours have bought a few dogs – Fergie has had his Verons and his Hargreaves and even £30 mill for Berby was a lot for one decent season

    Even so perhaps it is frog kissing time

    If the right player is found I’m more than happy to spend £30 million and give them the best wages we can sensibly offer, I don’t think making £15 million our artificial ceiling gives us any moral high ground at all – that moral high ground is almost entirely imaginary

    We live within our means which is certainly admirable but we also do certain things that some over-zealous gooners criticise other clubs for.

    Anyway, I’m straying: we have a healthy transfer kitty that has to be used wisely, our commercial revenue is about to see sizeable increases (Gazidis has generally failed in this area and frankly should be replaced) which wages can be tied to – we currently sustain a wage bill only just short of Uniteds and the capacity is only growing. The other thing about wages is that because of the equitable structure we have we can actually release big chunks of our wage expenditure without actually hurting the squads strength by selling fringe players – so any name coming in can have the wages offset by a departure. For example, we can sell two players who haven’t come close to being involved in the first team this year and instantly free up £100k of weekly wages.

  26. pedantic george aka Blackburngeorge
    November 13, 2012 at 7:41 pm
    Zinc .I was thinking about players contracts mainly

    We do pay high wages though (Podolski is rumoured to be on over 100k p/w) and we pay high prices for young players (£12 million on a 17 year old) – we incentivise young players with very competitive wages for their age group. I’m not criticising the club, I’m just saying I don’t think we have a moral high ground outside of spending within our means – to Southampton fans we’re a massive club who have come along with a massive chequebook and taken their best young talents of the past 5 years.

    As for Arsenal leading the way on a moral level; the club have been avoiding paying their taxes – one thing I find genuinely embarrassing.

  27. George.

    Just read the link you posted from7am. I agree with the writer of the blog that the world ain’t fair. If it were then Fulham and Wigan would have the same chance to win as we would. Traditionally we have been seen as the rich club. We are stuck with the system we have and we need to make the best of it rather then shrug our shoulders and give up.

    Football just like any sport or entertainment vehicle will never go away. There will always be kids who will play even if the wages are poor, and there will always be people who will watch. Perhaps someday football as it currently operates is going to have a financial meltdown and if that happens the high priced luxury boxes will be empty and the stadiums will all be 1/2 full and the TV money will dry up and player wages and ticket prices will go down and sugar daddy owners will go away and the owners that stay won’t make as much money. I doubt any of that will really happen, but In some ways letting the current system wind itself out of control and then melting down sounds like a good thing.

  28. Bill @ 1:41 pm

    I’ve seen enough of Cavini to wish him here. But he is the same harder as Giroud and Chamakh; we own both & unloading our players with their wages has not been easy.

    I can see your point, but for the money that Falcao or Cavini types are coveting, the club can gain better value by up grading in areas where we need strengthening.
    As discussed.

    At some point you can carry only so many on the roster – our wage bill is bloated on
    players not playing. Some rightly might question those decisions and accountability.

    We need a couple of Cazorla finds. Hell we need Diaby and /or Tomas to return to action.

    The squad seems unmotivated and something new needs to give them inspiration – as its not coming from Arsene. Please don’t talk about big salaries and self-motivation…..everyone needs a boost – even fans.

  29. @Zinc

    “If the right player is found I’m more than happy to spend £30 million and give them the best wages we can sensibly offer”

    See therein lies your problem. Its no “you” in arsenal. “you” dont spend 30M. “you” dont pay wages. “you” merly buy a couple of shirts every year, maybe a seasonal card.
    Its not “your” buisness on the line, not your ass that gets fried if we waste 30m plus 15m in wages. Its Kroenks. You can forgive him for not wanting to waste 45M as that is shit loads of money.

    What you probably mean is that “”If Kroenk finds the right player I would be thrilled IF KROEN spend £30 million of HIS money and gave the player the best wages HE can sensibly offer”.

    One always has to remember that this is a buisness project. Just like City, United, Chelsea and Liverpool.

    The owners are in the game to make MONEY. Nobody gives a rats ass about how the team plays, if the players are nice or bad or if the playstyle is good or bad. All that matters is that money is made. Or that your brand can generate money for your luxyry airline or vacation paradise. Aslong as people pay then the investors are happy.
    Mind you ones we stop pay they will change though, so we ones again pay.

    Its like a hollywood movie and OX, Walcott et al are the Brad Pitts and Pamela Andersons of Arsenal.

    You dont make blockbusters because you have a great story to tell, you make blockbusters to make money. And if it happends to be a good story then great, but ultimatley you just want people to see your film. Take Men in Black, crap story, fun film, blockbuster.

    Now im sure that if they thought we would generate more money as PL winners then they would invest more. Maybe analyzes show we generate most money as outsiders? the “neutral” favourite that everybody has as their second team? the team that people like but nobody loves? Jack of all trades, master of none. the forever no4 alawys up there but not a rival. yet still likable for everyone ouside top 4.

    Why change that if it sells?? its buisness after all..

  30. PG, Tim must have been reading:

    “Testing Causality between Team Performance and Payroll”, a case study on Major League Baseball compared to English Soccer. The data was from 1980 to 2000.

  31. Poodle

    If this is all about Stan making money then nothing is going to change in 2014 or anytime as long as he is owner and we really have something to worry about. Most owners want to make money but they are willing to take a some risk and they genuinely want the teams to win things. Most owners don’t have one of the worlds largest reserve funds and do not run the club with the level of risk aversion that we have.

  32. Excuse me, YW, but in the absence of a Home post, this final paragraph from Goonerholic.

    “Get behind the team with everything you have at the weekend. Do your bit and you will then earn the right to criticise should that not evoke the correct response on the pitch. The days for expressing concerns over a bigger picture are in the future. This weekend is all about our fathers and grandfathers getting the bragging rights over the Marshmen in another place.

    We are THE Arsenal, and we ARE the best.”

  33. The problem I have with Bill is that he drones on incessantly with the same thesis; Arsenal should spend more, if it wants to win trophies like Chelsea, City and United. The bottomline is the club doesn’t have the same money to spend no matter which way you cut it. But to avoid coming to terms with that reality he implies it is a matter of choice; the money exists it is simply not spent properly. As 7AM Kickoff puts it very eloquently, Bill’s position leads inevitably to the conclusion that the problem must be with our billionaire (Kroenke) because he doesn’t want to be our benefactor and spend his way to a trophy so gooners like Bill can crow. Even more troubling and dangerous is the thinking that the game needs billionaires, not to be rid of them, for professional football to be played on more competitive terms.

    As I wrote many moons ago, Bill’s approach has already failed in the BPL with his fellow-Americasn millionasire, Randy Lerner at Aston Villa. After taking over ownership he implemented Bill’s blueprint, incrementally boosting his spending annually in the hope of returning Villa back to European glory. For all the money he spent and the many close battles they got no closer than 6th. By 2009 Lerner had enough. There was no way he could afford to outspend the billionaires or out-coach Arsene Wenger. By that time his best players (Milner and Barry) had been poached by City with United to grab Young in 2010.Up Now Villa is flirting with relegation and can at best aim for mid-table mediocrity. Of course Bill will belittle the Villa experience because it doesn’t fit his “cookbook.”

  34. Poodle – actually, the £30 million I’m referencing is a portion of the £70 million (ish) transfer kitty that is available to spend on players from the cash reserves the club has of well over £150 million – these cash reserves have been built up by the club mostly from player and property sales as that’s where the majority of our profits have been derived over recent years. We can regard this as club generated revenue which rules dictate must be spent on club interests. Stan has paid no dividends to himself and we have a protected body of cash reserves as a contingency – he has backed and bought into the clubs self sustaining ethos which is entirely based around spending only what we earn – the money we’re talking about is the money that we have earnt as a club, it is not Stan’s money that he has brought to the club at all.

    So what I mean is exactly what I said. We have spent over £80 million over the last two summers, I’m not sure why anyone would question our ability to actually spend significant amounts of money when all the evidence suggests we can.

    You’re entirely wrong on the business, we’d make more money if we won competitions as long as the balance of spending was kept sensible – you develop a stronger brand, the team and players gain iconic status as many of our old ‘winning’ players did, leverage is earned for sponsorship deals and the commercial revenue grows – it’s not entirely that simple but if you want some evidence of that please feel free to look at the COMMERCIAL revenues of Manchester United, Real Madrid, Barcelona and Bayern Munich, which all entirely dwarf our deals – our brand power cannot compete with United, part of that is down to history, but much of it is down to Uniteds success on pitch. Without player sales Arsenal is a loss making club, but with a strong commercial arm that wouldn’t be true, it’s something that needs fixing and winning would only help that. At the other end you have the continuation of relying upon player sales to generate profit but over the past two seasons we’ve started to see the limitations of this policy: the potential loss of Champions League football and all the money that generates not to mention the strength it gives to the brand. We would survive such a loss but few would argue it would help the club make more money.

    I’m not complaining about anything, nor have I suggested we go and spend loads of money, if you read my post on the previous page I say I’m not worried and that Wenger doesn’t need to go tits because he found good value in the market in the summer.

  35. shotta
    November 13, 2012 at 10:37 pm
    The problem I have with Bill is…

    The cash reserves I’m talking about are entirely made up of money generated by the club and have nothing to do with Kroenke’s wealth, just to be clear.

  36. Zinc the money you talk of ,whatever figure it really is,I a one of reserve .As we operate at a trading loss ,once spent it is gone.
    Have you ever heard the term “contingency fund”?

  37. Contingencies like losing your best players and captains several years in a row, slipping into a perpetual 3/4th position double digits in points behind the league winners, and no domestic trophies or other trophies for seven years? Just wondering, George!

  38. In any case, today’s discussion proves that we don’t even need a new post to have the same old, tired arguments!

  39. Losing players because they want to go. I wish that would stop being something used to beat the team with. The same players who were not healthy or committed enough when needed? The same players who ran to City to double their wages?


  40. Please what, Paul? Who is beating the club with anything? I am just wondering what are the contingencies we should be keeping such large cash reserves for? You more than anyone have declared that we mostly just needed the team to stay together. Well, for whatever reasons, that hasn’t been possible. So what should the club do in that circumstance?

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