Arsenal's financial results for the yesr ending May 2007 just revealed an operating profit of £51.2m, and a cash balance of £73.9m. On top of this, Arsenal also will receive the benefits of the 724 flats at Highbury Square which is estimated to produce a net profit of somehere around £100m (91% of the units being sold).
It is quite right that Arsenal also have a debt of £260m, resulting in interest payments of £13m a year, but at the current rate of profitability, such a debt burden is insignificant. Theoretically it could be paid off in 5 years.
These results show that far from being restricted on the transfer market, Arsene Wenger could have in fact purchased Tevez, Torres, Nani and still have changed left over for Bent. But who would have been so stupid to buy Bent?
It was an interesting summer watching teams like Spuds spend so much cash on players who can't perform. Likewise, the comments from the plastics at Chelsea who were very quick to suggest that Arsenal FC were crumbling and that their time at the top table was over.
A recent valuation by city accountants stated that Arsenal were now valued above Manchester United, making them the biggest club in the UK. I think it is correct that Arsenal are no longer sitting at the top table, and the reason for that is because the
old top table had attracted some low life (the Chavs) and some wannabes (spuds). Arsenal have moved off that particular top table onto an entirely different level, both on the pitch and financially. It is ironic that those supporters who were so quick to suggest that Arsenal were crumbling are now getting everything they deserve. Long may that continue.
The top true top table is the Big 3. The aristocracy of English football. Arsenal. Manchester United and Liverpool. Always has been. Always will be. I am no fan of United or Liverpool, but credit where it is due. They are big clubs and they know how to run a football team. There is a new top table, and the crumbs from that table are now all that the spuds and chavs can hope for.