Dissertation Report- Handling a Football Club-Finance and Administration

MANAGING ARSENAL FOOTBALL CLUB

2



PROJECT REPORT ON-

THE SUCCESSFUL MANAGEMENT OF ARSENAL F.C. IN

TERMS OF ITS FINANCE AND MATCHDAY EXPERIENCE

PREPARED BY-

HUZEFA M. SITABKHAN

UNDER THE GUIDANCE OF-

NISHANT MEHTA

SUBMITTED TO THE UNIVERSITY OF MUMBAI IN PARTIAL

FULFILLMENT OF THE REQUIREMENT

FOR THE AWARD OF

BACHELOR OF MANAGEMENT STUDIES

ACADEMIC YEAR

Team Sponsors- Commercial Partners-

3


2009-2010


4



DECLARATION

I MR HUZEFA M. SITABKHAN OF H.R. COLLEGE OF COMMERCE

AND ECONOMICS OF T.Y.B.M.S (SEMESTER V) HEREBY DECLARE THAT

I HAVE COMPLETED THIS PROJECT ON MANAGING ARSENAL F.C IN

THE ACADEMIC YEAR 2009-2010. THE INFORMATION SUBMITTED IS

TRUE AND ORIGINAL TO THE BEST OF MY KNOWLEDGE.

DATE: ___________________________

PLACE: (SIGNATURE OF THE STUDENT)


5



CERTIFICATE

I MR NISHANT MEHTA CERTIFY THAT MR HUZEFA M. SITABKHAN

OF H.R. COLLEGE OF COMMERCE AND ECONOMICS OF T.Y.B.M.S

(SEMESTER V) HAS COMPLETED THIS PROJECT ON MANAGING

ARSENAL F.C IN THE ACADEMIC YEAR 2009-2010. THE INFORMATION

SUBMITTED IS TRUE AND ORIGINAL TO THE BEST OF MY KNOWLEDGE

_______________________

SIGNATURE OF PRINCIPLE GUIDE

(MR NISHANT MEHTA)


6



7


ACKNOWLEDGEMENT

IT IS A MATTER OF GREAT PLEASURE AND PRIVELAGE TO PRESENT THIS

PROJECT REPORT ON MANAGING ARSENAL FOOTBALL CLUB.

THE COMPILATION OF THIS PROJECT IS A MILESTONE IN THE LIFE OF A

MANAGEMENT STUDENT AND ITS EXECUTION IS IMPOSSIBLE WITHOUT THE CO-

OPERATION OFTHE PROJECT GUIDE. I WISH TO RECORD A DEEP SENSE OF

RESPECT AND GRATITUDE TO MY PROJECT GUIDE MR. NISHANT MEHTA FOR HIS

ENCOURAGEMENT THROUGH THE COURSE OF MY WORK. IT IS DUE TO THE

ENDURING EFFORTS AND GUIDANCE OF MY GUIDE THAT ULTIMATELY MADE IT A

SUCCESS.

I WOULD ALSO TAKE THIS OPPURTUNITY TO EXPRESS MY DEEP REGARDS

AND GRATITUDE TO THE PRINCIPLE- DR. MRS. INDU SHAHANI AND WOULD LIKE

TO THANK THE HEAD OF THE B.M.S DEPARTMENT PROF. GEHNA HINGORANI

WHO GAVE US GUIDANCE TO TAKE UP AND PURSUE THIS PROJECT.

I CANNOT JUST CONDONE THE VALUABLE OPPURTUNITY GIVEN TO ME BY

THE UNIVERSITY OF MUMBAI FOR COMPILING AND SUBMITTING THIS PROJECT,

WHICH I FEEL IS AN OPPURTUNITY TO EXPRESS MY VIEWS ABOUT MANAGING

ARSENAL FOOTBALL CLUB.

I WOULD ALSO LIKE TO ACKNOWLEDGE VARIOUS AUTHORS FOR MAKING

AVAILABLE VALUABLE INFORMATION LIBERALLY.

IT IS MY PROUD PRIVILEGE TO EXPRESS MY DEEP SENSE OF APPRECIATION

AND GRATITUDE TO MY PARENTS AND FRIENDS FOR THEIR SUPPORT AND CO-

OPERATION IN THE COURSE OF THE PROJECT EITHER DIRECTLY OR INDIRECTLY

INVOLVED IN TIME WITH THEIR VALUABLE CONTRIBUTION.


8


ABSTRACT

In recent times fans relate a successful football club to that which is successful on the

pitch, win trophies and goes for glory. Although in some rare cases this circumstance may

hold true, it is a known fact these days that a club can be ‘successful’ only by carefully

managing its finances and administration. Success off the pitch is more vital than success on

it because only then can a football club run its proceedings in a smooth manner

For instance Real Madrid one of the most successful clubs in Spain is nearly € 500

million in debt due to excess spending on transfers and salaries of its star studded team.

Manchester United the single most successful club in England is facing debts worth an

estimated € 1.086 billion. So are current Barcelona, Chelsea (who reportedly make losses of

about € 40-50 million every financial year and the only way they are able to withstand it is

due to a rich owner Roman Abrahimovic who has a high net worth) and other top clubs from

various European countries. Having such high amounts of debts especially during such

recessionary times can prove lethal in the clubs downfall unless the club is owned by a

billionaire (like Manchester City, Chelsea etc.). Even banks refuse to fund such clubs that are

financially unstable. An evident example of such a club is Portsmouth, who due their large

amounts of debts last season almost faced rustication from the Barclays Premier League and

in the end were given a 20 points deduction which eventually lead to their relegation from the

premier league

But now i shall speak about what i have covered as a topic. A top club ‘Arsenal’, which

has been managed so beautifully that even after purchasing a new stadium in recent years,

(taken on loan) ‘The EMIRATES Stadium’ the club still manages to churn out profits.

Although the club has not managed to win a trophy in 4 seasons of the premier league its fan

base keeps on increasing due to the clubs style of playing on the pitch and due to the clubs

management of the pitch. In this project I have covered 2 aspects of the clubs management

that ha led to its success of the pitch:-


http://en.wikipedia.org/wiki/Euro_sign



9

MANAGING ARSENAL FOOTBALL CLUB1) Administration on Match day (includes how well it manages/treats its fans on the day

of the match such that more and more supporters of the club living in and around the

London are buying entire season tickets.)

2) Management of the clubs Finances (includes how the club follows a strict wage

structure, spends less on buying established players and diverts those funds into

developing home-grown young talents, gives value for money to its fans for their

season tickets.)

My aim is to convince my readers by the end of my project with the help of statistical

data that ‘success on the pitch does not always guarantee success of the pitch.’


10


TABLE OF CONTENT

SERIAL

NO.

MAIN HEADING SUB HEADING PAGE

NO.

1) INTRODUCTION The hypothesis and a brief

introduction to the sport

10-11

a) What is Football as a profitable

business

11-15

b) The huge amounts of money that

goes into making this sport a

success, players who are paid

exorbitant amounts as salaries per

week

16-17

2) MAIN BODY Concentrating on Arsenal Football

Club(A.F.C.)

17

a) History of Arsenal Football Club 17-19

b) Current Successes of the Club(last

decade) and information about the

board of directors and other

personnel

19-24

Research methodology

3) Arsenal football club improves the

Match day experience for 60,000

fans with integrated it management.

(Administration)

25-38


11


4) Managing of Finances and

administration at Arsenal Football

Club

38

a) Structure of finance at the Club 38-41

b) Main sources of

finance(INCOMES)

41-46

-Transfer income

-Participation income from various

competitions like the Barclays

Premier league, UEFA Champions

League, F.A. Cup

-Subscription fees from Arsenal

T.V. Online

-Merchandise Income

-T.V. rights

-Shirt sponsor/Stadium

Sponsorship(EMIRATES) income

c) Main sources of EXPENSES 46-51

-Players and Manager/coaches

salaries

-Repayment of loan for the

Emirates Stadium

A final sum up of Arsenal’s

finances for the last year as

compared to other top clubs

d) Testing the Hypothesis 52

5) CONCLUSION 52

6) BIBLIOGRAPHY 53

7) ANNEXURES 54-62


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INTRODUCTION

The hypothesis for this project is –

“Success on the pitch (by way of winning trophies and competitions) for a

club doesn’t always guarantee the Success off-the pitch (in terms of financial solvency,

excellent management and financial success in terms of profits every year)”

A BRIEF INTRODUCTION TO FOOTBALL AS A ‘SPORT’

Association football, more commonly known as football or soccer, is a team sport played

between two teams of eleven players using a spherical ball. It is the most popular sport in the

world.

The game is played on a rectangular grass or artificial turf field, with a goal in the centre of

each of the short ends. The object of the game is to score by driving the ball into the opposing

goal. In general play, the goalkeepers are the only players allowed to use their hands or arms

to propel the ball; the rest of the team usually use their feet to kick the ball into position,

occasionally using their torso or head to intercept a ball in midair. The team that scores the

most goals by the end of the match wins. If the score is tied at the end of the game, either a

draw is declared or the game goes into extra time and/or a penalty shootout, depending on the

format of the competition.


13


Map showing the popularity of football around the world. The various shades of green and

red indicate the number of players per 1,000 inhabitants.

GOVERNING BODIES

The recognised international governing body of football (and associated games, such as futsal

and beach soccer) is the Fédération Internationale de Football Association (FIFA). The FIFA

headquarters are located in Zürich.

Six regional confederations are associated with FIFA; these are:

Asia: Asian Football Confederation (AFC)

Africa: Confederation of African Football (CAF)

Central/North America & Caribbean: Confederation of North, Central American and

Caribbean Association Football (CONCACAF)

Europe: Union of European Football Associations (UEFA)

Oceania: Oceania Football Confederation (OFC)

South America: Confederación Sudamericana de Fútbol/Confederação Sul-americana

de Futebol (South American Football Confederation; CONMEBOL)


http://en.wikipedia.org/wiki/File:Football_world_popularity.png

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INTRODUCTION

A BRIEF INTRODUCTION TO FOOTBALL AS A ‘BUSINESS’ AND

SUCCESS OF THE SPORT WORLD-WIDE

Article- “ The Richest Soccer Teams”

Source- Forbes.com staff, 04.01.05, 3:00 PM ET

Soccer is not the most popular sport in the U.S. but it is almost everywhere else -- which

means it is worth big bucks.

We reckon Manchester United, which tops our latest annual rankings of the most valuable

soccer teams, to be worth $1.3 billion, more than the most valuable franchise in the National

Football League, the Washington Redskins ($1.1 billion), and substantially more than

baseball's most globally recognized team, the New York Yankees ($832 million).

Soccer's global audience, unmatched by any other professional team sport means Europe's top

teams--and stars--attract millions of dollars in sponsorship from U.S. multinationals like

General Motors (nyse: GM - news - people ), Coca-Cola (nyse: KO - news - people ) and

Anheuser-Busch (nyse: BUD - news - people ) (See "Soccer Pitchmen").

Manchester United has a $38 million sponsorship deal with Nike (NYSE: NKE - news -

people). Man U's former star, David Beckham, now at rival Real Madrid, earns millions of

dollars in sponsorship from Gillette (nyse: G - news - people ) and Pepsi (nyse: PEP - news -

people ) among others.

Beckham is the nearest soccer has to a one man brand (See "Brand Beckham"). As he passes

the apex of a famous career, he is trying to extend his celebrity beyond his playing day’s à la

Michael Jordan.

Manchester United and Real Madrid are at the forefront of turning football teams into global

brands earning more money from broadcasting and merchandising than from ticket sales.

Both are eying the lucrative emerging Asian market where home-grown teams and stars are

not yet sufficient to satisfy the hunger for the sport.

The $40 million transfer fee Real Madrid paid Manchester United to buy Beckham in 2003


http://www.forbes.com/2005/04/01/cx_pm_0401beckham.html

http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=PEP

http://www.forbes.com/markets/company_news.jhtml?ticker=PEP

http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=PEP

http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=G

http://www.forbes.com/markets/company_news.jhtml?ticker=G

http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=G

http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=NKE

http://www.forbes.com/markets/company_news.jhtml?ticker=NKE

http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=NKE

http://www.forbes.com/lists/2005/03/30/cx_pm_05soccer_marketing.html?thisSpeed=1500

http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=BUD

http://www.forbes.com/markets/company_news.jhtml?ticker=BUD

http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=BUD

http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=KO

http://www.forbes.com/markets/company_news.jhtml?ticker=KO

http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=KO

http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=GM

http://www.forbes.com/markets/company_news.jhtml?ticker=GM

http://www.forbes.com/finance/mktguideapps/compinfo/CompanyTearsheet.jhtml?tkr=GM

15

MANAGING ARSENAL FOOTBALL CLUBcould be recouped with just four years sales of replica uniforms, according to some

calculations. Beckham has a huge following among Asians, particularly free-spending

Japanese teenagers. The "galáctico" (megastar) that Real Madrid bought before Beckham, the

Portuguese midfielder Luis Figo, is thought to have doubled his new employer's

merchandising sales.

Expatriate Russian billionaire Roman Abramovich, who bought heavily indebted Chelsea two

years ago and who has spent lavishly on building a world-class team, is spending off the pitch

too (See "Russian Roulette"). He has lured top coach José Mourinho from FC Porto and hired

Peter Kenyon, as chief executive--the very man who made Manchester United a

merchandising powerhouse.

Abramovich will find that betting the house on star players spells disaster if they don't

deliver. Leeds United fell into bankruptcy after a spending spree on high-wage players failed

to deliver European success. The ensuing financial crisis forced Leeds to sell off its best

players and the team fell out of the top division of English soccer, which cost it dearly in lost

broadcasting revenue.

As an ironic twist of fate, Leeds is now majority owned by Ken Bates, the man who sold

Chelsea to Abramovich.

Article - Professional Sports can be a Profitable Business

Source- Article Source: http://EzineArticles.com/?expert=Stanley_O

Professional Sports Franchise can be a profitable business, if you get involved with the right

sport, the right franchise or team, in the the right place at the right time…Winning soccer

franchise in Cabo San Lucas Mexico is on the block. Delfines de Los Cabos is one of the

youngest teams in Mexico’s very competitive professional 2nd Division Premier Promotional

league, playing out of beautiful Cabo San Lucas, one of the countries leading tourism

destinations and calling the Don Koll Seaside stadium home qualified for the quarter finals

losing to the perennial leagua champion Universidad del Futbol that is a full fledged farm

team for the Pachuca powerhouse 1st Division club.


http://www.forbes.com/free_forbes/2005/0418/138.html

16

MANAGING ARSENAL FOOTBALL CLUBSports betting is increasingly becoming an emerging online business. Billions of $$$ are

wagered on every match day. Live telecast of matches further intensify the excitement.

Bookmakers' statistics revealed that soccer betting is the most popular among sports betting.

Soccer is the most watched, most played and the highest grossing sport on the planet.

Why Soccer Is The King Of All Sports

Soccer is the King of all sports because it is a simple game so easily understood.

It is No. 1 because it is a sport that can stir up so much passion.

Each game is loaded with suspense... fantastic or reckless finishes, players pushing their

human bodies to the limit or playing like zombies. This cocktail of emotions can be

experienced in every match - the sickening feeling in the stomach, the anger, the joy, the

elation. Its pure entertainment, and it makes the adrenaline flows faster and more intense.

At its best soccer is considered magic, that is why names like Maradona and Pele resonate

across the world.

Soccer carries the largest fan base in the world of sports. More and more games are being

televised live which means more games are offered for live betting than in any other sports

niche.

The Internet and live telecasting of soccer matches have made soccer live betting immensely

popular. (*Live betting is also known as in-running betting, in-play betting, in-game betting

and running ball).

There is a wide variety of live bets available for punting such as Asian Handicap betting, full

time score, half time score, full time over/under, half time over/under, number of corners full

time, number of corners half time, etc.

The Odds Tell A Story


17

MANAGING ARSENAL FOOTBALL CLUBMany savvy punters now recognize the main difference between live bets and normal bets.

Before the introduction of live betting, punters used past data and analysis to determine their

bets. But with live bets, punters can now know how the match unfolds as the odds tell a story.

The movement of the odds is an indication of the performance of the teams playing at that

time.

Bookmakers adjust the odds by minutes or even seconds according to the level of play of the

teams. So the odds movements tell the "scenario" from the bookmakers' point of view which

cannot be far off.

From the odds changes, the punter must be able to identify the odds indicators on the exact

time to bet, and also the time to exit the bet, that is, to cut loss when necessary to limit the

financial damage.

The ability to 'decode the odds and read the game' is the recipe for live betting success.

Profitable Live Bets On Every Match Day

In every match, there are numerous punting opportunities. There are profitable live bets to be

made in the first 20 minutes of play, during the course of the game, and the last 10 minutes of

the match. You do not need complex technical analysis to find them and profit from them.

The key lies in the ability to identify them and profit from these opportunities.

In card games, if you want to win, you have to win the game. But the beauty of soccer live

betting is you can still WIN if you have betted on the losing team.

In live betting, the odds indicators are profit opportunities. But the punter must know how to

spot them to take profitable actions. It's all about timing.

Have A Slice Of The Lucrative Soccer Live Betting Pie

Soccer live betting is absolutely insane right now! There's never been a better time for

punters to get in on the live betting bandwagon and have a slice of the lucrative soccer live

betting pie.


18

MANAGING ARSENAL FOOTBALL CLUBThink about how many games are being played on every match day during the soccer season.

That's plenty of games begging for your action.

If you have never engaged in soccer live betting experience, you really don't know what you

have been missing.

Stanley O is a Chartered Accountant and soccer has been his passion since young. He has

extensive experience in soccer betting.

You can "crack" the soccer live betting market and make the "big bucks" once you know how

to identify the money making indicators in the odds movement.

The #1 complete soccer live betting system available containing 10 winning strategies with

STEP-BY-STEP screenshots showing you how to spot and make profitable live bets.

Be sure to claim a free copy of the winning "Midweek Strategy" by visiting

EXHORBITANT AMOUNTS OF MONEY PAID TO THE

PLAYERS

Article- “ Crazy amounts paid to players?”

Source- http:/. jeffrimsblogspot.com

It pays to be a great footballer

Football or soccer has been around for many years. It started as a game for leisure, but

somehow it has evolved into an industry, where professional football clubs make money from

competing against each other on several levels, by sponsorship and also TV rights.

As a team sport, a football team needs eleven players playing during a game. There are too

many football players on Earth, for which can be classified from amateurs, semi-pros, pros,


19

MANAGING ARSENAL FOOTBALL CLUBand the highest level of all, world class players. What set these world class players apart from

the rest of the players?

If you can run and kick a ball, then you can join a game of football. But do you know that a

world class player can get paid up to £100,000 on a weekly basis? That is more than my

mother's annual salary working a government nurse here in Malaysia! How can a person

lands that amount of money just by running around kicking a football, week in and week out?

TOP TEN HIGHEST PAID FOOTBALLERS

1) Leo Messi (Barcelona, Argentina) €33m/£29.5m

2) David Beckham (LA Galaxy, Eng) €30.4m/£27.2m

3) Cristiano Ronaldo (Real Madrid, Por) €30m/£26.8m

4) Kaka (Real Madrid, Brazil) €18.8m/£16.8m

5) Thierry Henry (Barcelona, France) €18m/£16m

6) Ronaldinho (AC Milan, Brazil) €17.2m/£15.3m.

7) Carlos Tevez (Manchester City, Argentina) €15.4m/£13.7m.

8) Zlatan Ibrahimovic (Barcelona, Sweden) €14.5m/£12.9.

9) Frank Lampard (Chelsea, England) €14.2/£12.6m.

10)Samuel Eto’o (Internazionale, Cameroon) €13.8m/£12.3m.


20


MAIN BODY

CONCENTRATING ON ARSENAL F.C.

HISTORY OF THE CLUB (1886)

Arsenal's origins can be traced back to a group of workers in the armament works in South

London in 1886. In October that year they clubbed together and each paid a subscription to

form the club that was at first called Dial Square after the name of the workshop in which

most of them worked. David Danskin was the man who collected the subs, other notable

names were Fred Beardsley, the goalkeeper who had previously played for Nottingham

Forest, and Jack Humble, later to become secretary and chairman. Humble became the

unofficial historian by virtue of being associated with the club in it's early days longer than

anyone else.

At Christmas that year they decided they needed a new name, and called their club Royal

Arsenal. Beardsley's connections also persuaded Nottingham Forest to donate a set of shirts

to the new club, and Arsenal have worn red ever since. Their first home games were played

on Plumstead Common until a site at Manor Field in Plumstead was found in 1888 and a

stadium of sorts built there. Among the early matches was the first recorded against Spurs, on

Tottenham Marshes which the old enemy won 2-1, the historic date being 19 November

1887.

The club first entered the FA Cup in 1889, but with limited success. In 1890 they moved to a

new ground, the Invicta, just down the road. By 1891 Royal Arsenal had won all the regional

trophies available in London, including the foremost trophy, the London Senior Cup in the

90-91 season, beating St Bartholomew's 6-0 at the Oval. Royal Arsenal grew quickly in the

1890s mostly due to the large influx of migrant workers to the armament works because of

rearmament at the time in response to the perceived French threat.

In 1935-36 Arsenal finished only 6th in the league, but Drake created a record by scoring

seven goals in a league match against Aston Villa, and Arsenal again won the FA Cup by

beating Sheffield United 1-0 in the final at Wembley. The following year was Alex James'


21

MANAGING ARSENAL FOOTBALL CLUBlast at the club, and saw the four year run of unbroken success come to an end with only a 3rd

place finish in the league.

The year after that though, 1937-38, brought Arsenal's 5th league title in seven years, though

the team was now generally held to be in decline, and only 5th place was achieved the

following season, the last before the war. The club was also once again in a precarious

financial position because of the cost of building the new East and West stands, which still

stand today.

After the war a great team rose once again. Booming post-war attendances eased the financial

situation and the first season, 1946-47, saw only a 13th place finish in the league, but also the

arrival of two more great names, Ronnie Rook and Joe Mercer. The following year, trainer

Tom Whittaker took over as manager, and the league title duly arrived at it's rightful home.

Only 32 goals were conceded that year, a defensive record unmatched until the double season

of 1971.

In 1948-49 Arsenal finished 5th in the league and Doug Lishman, one of the great strikers,

arrived. The following year the FA Cup was won once again, with the Gunners again coming

from 2-0 down in the semi-final to force a 2-2 draw against Chelsea. Freddie Cox scored

direct from a corner, to get back to 2-1, and the replay was won 1-0 in extra time. Liverpool

were defeated 2-0 in the final.

The year after that, 1950-51, Arsenal could only finish 5th in the league, though things might

have been different had Lishman not broken his leg early in the season. In 1951-52 Arsenal

once more were runners-up in both league and FA Cup, being just 3 wins away from the

elusive double, before the league championship was once more won in 1953, on goal average

from Preston. Alex James died in 1954 and the death of Tom Whittaker in 1956 presaged a

decline in the fortunes of the great club until the resurgence of the late sixties

CURRENT SUCCESSES AT THE CLUB (LAST DECADE)


22

MANAGING ARSENAL FOOTBALL CLUBThe history of Arsenal Football Club from 1966 to the present day covers the third,

fourth, and fifth periods of success in Arsenal's history, including three Doubles, a Cup

Double, and success in European football.

Following Bertie Mee's appointment in 1966, Arsenal won the Inter-Cities Fairs Cup, their

first European trophy, in 1969-70, and their first League and FA Cup double in 1970-71. The

Double-winning side, however, was soon broken up and the following decade was

characterised by a series of near misses: Arsenal lost three FA Cup finals (1971-72, 1977-78,

and 1979-80 and the 1979-80 Cup Winners' Cup final on penalties. The club's only success

during this time was an FA Cup win in 1978-79 against Manchester United.

After stagnation in the 1980s, the return of former player George Graham as manager in 1986

brought a third period of glory. Arsenal won the League Cup in 1986-87, two League title

wins in 1988-89 and 1990-91, the FA Cup and League Cup double in 1992-93 and a second

European trophy, the Cup Winners' Cup, in 1993-94. However, Graham's reputation was

tarnished when it was revealed that he had taken kickbacks for signing certain players and he

was sacked in 1995.

APPOINTMENT OF ARSENE WENGER

Arsenal fifth period of success came with the appointment of Arsène Wenger in 1996. Under

him, Arsenal won a second league and cup double in 1997-98 and then a third in 2001-02. In

addition, the club were victorious in the 2002-03 and 2004-05 FA Cups, and won the Premier

League in 2003-04 without losing a single match. In 2005-06 became the first London club to

reach the UEFA Champions League Final, and lost 2-1 against FC Barcelona. During the

following close season, they left their longstanding home of Highbury to the new Emirates

Stadium nearby.


http://wapedia.mobi/en/Arsenal_F.C.

23


NEW STADIUM- ‘THE EMIRATES’ THE PRIDE OF NORTH LONDON

Arsenal have been highly successful in the 1990s and 2000s, but Highbury's capacity was

limited to only 38,500 in the post-Taylor report era; virtually every match was sold out and

the club were unable to maximise matchday revenue. With expansion of Highbury ruled

impossible, in 1999, Arsenal announced plans to move down the road to Ashburton Grove;

construction started in December 2002 with the demolition of buildings on the site, and in

July 2006, the new Emirates Stadium opened, ready for the start of the 2006-07 season.


24


THE INVINCIBLES SEASON OF 2003-04

Little did they know it at the time, but the defeat to Leeds would be Arsenal's last in the

League for over a year. 2003-04 was a record-breaking season for Arsenal, as they won the

Premiership unbeaten (26 wins, 12 draws, 0 defeats), finishing a clear 11 points ahead of

second-place Chelsea. They became only the second team to do so, the first having been

Preston North End in 1888-89, though Preston had only played 22 games in their own

unbeaten league season.

Their rivals for the title gained revenge in other competitions - Arsenal were defeated in the

Champions League quarter-finals and FA Cup semi-finals by Chelsea and Manchester

United, respectively, in successive matches. Faced with the potential collapse of their season,

Arsenal recovered from being 1-0 and 2-1 behind to Liverpool in their next league match to

win 4-2, thanks to a Thierry Henry hat-trick, and went on to win the league with a 2-2 draw

away to Tottenham Hotspur, mimicking their success in 1971.


25


Arsenal were unable to retain the title in 2004-05, finishing second, 12 points behind a

record-breaking Chelsea side. However, the Gunners did stretch their unbeaten run to 49

consecutive matches, an English league football record; the record was equalled with a

dramatic 5-3 win over Middlesbrough (Arsenal having trailed 3-1 shortly after half-time) and

then surpassed with a 3-0 win over Blackburn Rovers in August 2004, before it was ended

with a 2-0 away defeat by Manchester United. This defeat arguably upset the team's form and

they fell away from title contention before recovering with a late flourish to finish second,

sealed with a 7-0 drubbing of Everton.

Champions League glory eluded them again, with the club getting knocked out 3-2 on

aggregate by Bayern Munich in the second round. Arsenal did not end the season empty-

handed; they came away with their third FA Cup in four years, winning 5-4 on penalties after

a 0-0 draw against Manchester United.


26

MANAGING ARSENAL FOOTBALL CLUBWeakened by the sale of skipper Patrick Vieira to Juventus in the summer of 2005, Arsenal's

2005-06 season was comparatively disappointing domestically and the club failed to

challenge for any trophies at home. In the league, their poor away form dogged them and

despite recording some impressive wins at home (5-0 over Aston Villa, and 7-0 over

Middlesbrough), Arsenal spent much of the latter stages of the season in fifth place or lower,

and looked set to miss out on the Champions League for the first time since 1997.

However, they won their last three matches of the season, culminating in a 4-2 victory over

Wigan Athletic in the last ever match at Highbury; coupled with Tottenham Hotspur's loss at

West Ham United the same day, this meant Arsenal pipped Spurs to fourth place and a

Champions League spot.

In contrast to their domestic form, Arsenal's form in Europe in 2005-06 was much stronger;

they reached the UEFA Champions League final for the first time in their history, becoming

the first London club ever to do so. Arsenal finished top of their group unbeaten, above Ajax

Amsterdam, FC Thun and Sparta Prague against whom Thierry Henry scored two goals on

away to become the all time record goalscorer for Arsenal; in the knockout stages they beat

Real Madrid (becoming the first British team to beat Real at the Bernabéu), Juventus and then

Villarreal to reach the final, setting a competition record of ten matches without conceding a

goal in the process.


27


THE BOARD OF DIRECTORS AND OTHER KEY PERSONNEL AT THE

CLUB


28



29


ARSENAL FOOTBALL CLUB IMPROVES THE

MATCH DAY EXPERIENCE FOR 60,000 FANS

WITH INTEGRATED IT MANAGEMENT.

Challenge

With only 30 match days a year, Arsenal Football Club (FC) has a limited number of

opportunities to boost revenue and customer loyalty.

It must therefore ensure that every match is a positive experience for the thousands of fans

who attend its Emirates Stadium.

This means ensuring that the stadium’s 450 television screens, 500 hospitality and retail

tills and 100-plus turnstiles are all operating at optimum performance on match day. With

these systems all reliant on the club’s back-end infrastructure and network, IT availability

and business continuity are of paramount importance to Arsenal.

Solution-Aligning IT to business strategy

The new stadium is a radical departure from Highbury, offering a wide variety of services

that rely on a range of new IT solutions designed to improve and streamline every aspect of

the club’s business. “To achieve commercial success we need to put the infrastructure in

place to support our ambitions, which includes IT,” comments Ford. “Clubs need to

maximise revenues so that they can invest in the best players, and continue to perform at the

highest levels.”

For IT to facilitate the modernisation and transformation of a football club, it must be aligned

to business objectives and integrated with core operational processes.

At the heart of the Emirates Stadium is a suite of new hospitality and entertainment systems

that control everything from the entrance turnstiles to the video replays in the executive box.

The performance and reliability of these systems is absolutely vital. As Paul Farmer, head of

IT at Arsenal FC, explains, “The new systems are more complex and more sophisticated than


30

MANAGING ARSENAL FOOTBALL CLUBanything we had at Highbury, and we need to manage them proactively and address any

performance issues before they become apparent to the customer. We can’t afford for a

turnstile to stop working on a Saturday afternoon a couple of hours before kick-off.”

Optimised service management

To ensure that the club’s core operations were not impacted by technology performance

problems, Arsenal needed an integrated IT management solution that would provide constant

visibility and control of its enterprise systems.

This solution is founded on a range of technologies from CA, including Unicenter Network

and Systems Management, Unicenter Service Level Management and Unicenter Management

Portal. By combining these with its existing CA software, Arsenal has been able to reduce the

complexity of managing its IT infrastructure and in particular the applications that underpin

core customer services at the stadium.

“If there’s a problem with an electronic point of sale (EPOS) till on a catering outlet, for

example, we know about it before the user does — and we can fix it before business

continuity is affected,” says Farmer. “Without CA’s solution, I can’t think of any other way

we could be confident of 500 tills all working perfectly on match day.”

As a result, Arsenal is able to manage a much larger IT infrastructure without needing to

invest in new IT support personnel. The Emirates stadium boasts more than 500 highly

specialised hospitality EPOS devices and 450 entertainment screens — double the number

used at Highbury — all of which can be managed through a single centralised CA

management console.

The new management solution also allows Arsenal to measure its IT performance according

to key business priorities, which aids investment and resource allocation.

Opportunity


31

MANAGING ARSENAL FOOTBALL CLUBTo ensure that its systems meet customer expectations, the club has adopted an integrated

approach to Enterprise IT Management (EITM). Founded on CA solutions for Incident &

Problem Management, IT & Financial Asset Management, Information Governance,

Recovery Management, Change & Configuration Management and Dynamic & Virtual

Systems Management, the club now has a centralised and standardised platform for

managing IT. By introducing real-time data replication, automated alerts, regular device

polling and remote monitoring, IT efficiency and business continuity have also increased,

which means less systems downtime.

Benefits

By ensuring that its stadium systems are fully operational on match day, Arsenal Football

Club has:

• Improved the customer experience

• Protected competitive advantage

• Increased profitability

These factors are all key to the success of the club both as a business and as a football

team, and will help to support the ongoing transformation and growth of Arsenal FC.

Meeting customer expectations

The customer experience is everything in today’s global market. Thanks to Web-enabled

sales

and delivery channels, consumers now have a much wider choice available to them — and

won’t hesitate to switch suppliers if they are unhappy with service or product quality.

As a result, companies need to be able to constantly evolve their offerings to provide

customers with faster and better services. This innovation process invariably involves

implementing new IT systems, which can make a significant difference in competitive

advantage and customer satisfaction.

Although football clubs enjoy higher customer loyalty rates than other sectors, they still need

to compete for fans’ spending power as well as corporate hospitality business. As a result, the


32

MANAGING ARSENAL FOOTBALL CLUBcustomer experience on match day is vital. Yet with an average of just 30 match days a year,

the chance for football clubs to make an impression and boost revenue is much more limited

than most businesses.

Maximising revenue generation to support sporting achievement

Failure to maximise revenue opportunities on match day can have massive consequences for

a club. Football is now a multi-million pound business, and clubs need a healthy balance

sheet to attract the best players in the game and retain their league status.

London’s Arsenal Football Club (FC) has enjoyed success both on and off the pitch. In 2007,

the club made a total operatig profit of more than £24 million and in 2006/07 once again

finished in the top three of the UK’s FA Premier League.

To meet the expectations of an ever-growing fan base, the club moved to a new 60,000-

capacity stadium at the start of the 2006/07 season. This ultra-modern facility has been

specifically designed to enhance the match experience for fans — particularly for the club’s

9,000 premium customers who generate almost as much revenue as the other 51,000 general

admission fans.

Adrian Ford, Commercial Director for Arsenal FC, comments, “Football is still very much

about what happens on the pitch, but the modern football ecosystem also requires commercial

success to enable sustained sporting achievement. Arsenal is now a global brand, and we

want to offer services that match up to our reputation.”

Keeping match day systems operational

To offer such services, Arsenal FC invested heavily in new technology for its Emirates

Stadium.

“To achieve commercial success we needed to put the infrastructure in place to support our

ambitions, which included IT,” comments Ford.

As a result, IT not only plays an important role in the general management of the club and the


33

MANAGING ARSENAL FOOTBALL CLUBstadium, but also underpins critical customer-facing services on match day. Everything from

accessing the stadium and purchasing refreshments to watching televised replays is controlled

by IT. This is a massive departure from the club’s previous stadium and has led to a

heightened need for IT availability.

The club’s IT infrastructure now boasts:

• 60 servers

• 450 screens

• 350 desktop computers

• 500 hospitality tills

• 50 retail points of sale

• 100-plus turnstiles

All these components, along with the club’s network, must operate at optimum performance

on match day — or fans will soon be impacted. As Paul Farmer, Head of IT at Arsenal FC,

explains, “At our previous stadium. IT was important to the business but not to match day

operations, so we could afford to be more reactive. At the Emirates Stadium, the entire

customer experience relies on our technology so it’s vital that our IT systems are highly

available.”

Controlling access to the stadium

Access control is particularly important at the Emirates Stadium — getting 60,000 people

safely into the grounds within just a couple of hours on match day is no easy feat. The old

approach of paper-based tickets is long gone and has been replaced with automated turnstiles,

which are operated using proximity smartcards.

This sophisticated access control system ensures that only those fans with a valid ticket are

admitted to the stadium, and provides a real-time count of the number of supporters in

attendance. Police officers use this data, which includes a breakdown for different stands and

areas, to manage health and safety and crowd control at the match.


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MANAGING ARSENAL FOOTBALL CLUBThe access system, which is dependent on the club’s servers and network, can also be

programmed to send an alert if a particular card is used to enter the stadium — for example if

a supporter’s card has been reported stolen.

Stewards also carry personal digital assistants (PDAs) that can be used to pull up card details

from the club’s access system to help resolve entry problems. The PDAs, which run off 80

wireless access points, are also used by stewards to help fans find their seats.

Providing consistent services to staff, the media and fans

In addition to supporting the stadium’s access system, the club’s IT infrastructure is also

critical to the operation of 450 high-definition Sony screens. The screens broadcast Arsenal

television, which includes live match coverage, pre- and post-match interviews and

advertising. Based on Internet Protocol (IP), any network failure would instantly impact these

screens — and 60,000 fans’ visual enjoyment of the game.

Arsenal FC provides both wireless and fixed port Internet access for journalists and

photographers to upload reports and images on match day. Although the system has inbuilt

resilience and no single point of failure, it is important that the club can guarantee the

availability of its network to support the system. The club also offers Internet access as part

of its hospitality package to help further enhance the customer experience.

Away from the stadium, IT also supports the club’s e-ticketing system, which must be

available 24x7 for supporters to purchase their match day tickets, as well as for core business

systems, such as finance and email. To ensure that the club’s 350 users have reliable access to

these systems, the club’s IT department must adhere to stringent internal service level

agreements (SLAs).

In order to meet these SLAs and the expectations of its customers, the club must be able to

ensure the ongoing availability of its back-end and front-end IT infrastructure.

As Farmer explains, “We need to be monitoring our key servers and network, so that any

issues can be identified and dealt with before they affect the performance of our systems or

indeed our match day operation.”


35


Guaranteeing business continuity through proactive IT management

To safeguard its business-critical systems, Arsenal FC has adopted CA’s Enterprise IT

Management strategy (EITM). This enables a centralised approach to core IT processes,

such as:

• Incident & Problem Management

• IT & Financial Asset Management

• Information Governance

• Recovery Management

• Change & Configuration Management

• Dynamic & Virtual Systems Management

At the hub of the club’s IT operation and EITM approach is its helpdesk, which deals with

around 500 calls per month. These issues are tracked via a CA Incident & Problem

Management solution, CA Unicenter® Service Desk.

“CA’s solution is ITIL (IT Infrastructure Library) compliant, which means we are able to

adopt a best-practice approach to helpdesk management,” comments Farmer. Using CA

Unicenter Service Desk, the IT department is able to track all incidents from initiation to

resolution, as

well as create automated reports to measure performance and verify that internal SLAs are

being met.

The Incident & Problem Management solution is integrated with CA Unicenter® Asset

Management to provide a comprehensive inventory of the software loaded on each of the

club’s desktops and servers. In addition to helping the club ensure that it is fully compliant

with its software licensing agreements, CA Unicenter Asset Management enables the IT

department to identify and remove unauthorised software. This has helped to not only reduce

the number of IT problems but also the number of calls to the club’s helpdesk.


36


The workload of the helpdesk has also been reduced through the introduction of remote

monitoring and management capabilities. Arsenal’s IT equipment is located throughout the

stadium, in a nearby office building and at various remote sites. To prevent the need for travel

between sites, the club uses a CA Change & Configuration Management solution, CA

Unicenter® Remote Control. This enables the IT team to remotely access, view and control

the club’s 350 desktops and 60 servers, which helps to improve efficiency and problem

resolution times.

Improved fault detection

To help reduce the number of problems escalated to the helpdesk as well as the availability of

its core systems, Arsenal uses a CA Dynamic & Virtual Systems Management solution,

specifically CA Unicenter® Network and Systems Management (Unicenter NSM). This

solution

is vital to ensuring the availability and performance of match day systems, for example, the

television screens and turnstiles. “At the new stadium, there is a much higher cost associated

with downtime both in terms of revenue and reputation,” comments Farmer. “For example, a

network issue impacting our television screens would be very quickly noticed.”

Thanks to CA Unicenter NSM, the club is able to verify that networked devices are still

responding. Previously, for example, if a turnstile reader failed between games, this would

only be detected during pre-match checks a couple of days before the turnstiles were opened

to the public. However, by using CA Unicenter NSM to carry out automated and regular


37

MANAGING ARSENAL FOOTBALL CLUBpolling of devices, the problem can be identified immediately and fixed well in advance of a

match.

Faults with individual devices can also be identified using SNMP trap information, which is

centrally captured by CA Unicenter NSM from a variety of stadium systems. Where no

SNMP traps are available, the IT department can fall back on application log information

captured by the solution’s agents.

CA Unicenter NSM agents have been installed on all the club’s 60 servers and not only help

to identify application problems but also monitor server disk space, CPU and memory

utilisation.

If, for example, the free disk space falls below 10 percent, or the CPU usage is continuously

above 90 percent, CA Unicenter NSM creates an alert classified by severity, so that the IT

department can prioritize issues more quickly and effectively.

“CA Unicenter NSM acts as a central hub for IT availability and performance monitoring and

reporting throughout the stadium and club’s offices,” comments Farmer. “By establishing this

central hub, CA Unicenter NSM has become our ‘manager of managers’ platform.”

In addition to collating all system alerts from a variety of separate management consoles, CA

Unicenter NSM also aids in:

TREND REPORTING Historical information captured by the solution’s server agents

can be used to identify recurring patterns across the infrastructure.

IT BUDGETING Trend reports can be used to predict when more disk space might be

needed, which in turn can be used to forecast future capital expenditure.


38


SERVICE LEVEL MANAGEMENT Network status views provide valuable and

timely service information to staff, such as displaying if there are performance issues with a

key application, for example email.

In the future, the club plans to fully integrate the CA Unicenter NSM solution with CA

Unicenter Service Desk to further automate core IT management processes, such as

raising

incident tickets.

Safeguarding business continuity with replication

Although CA’s solutions help significantly reduce IT downtime, it is impossible to foresee all

potential problems. The club must therefore have a robust continuity plan in place for its most

critical systems and data — for example its ticketing servers, access control system and

hospitality servers.

The football club uses a CA Recovery Management solution to replicate these systems to

offsite servers. In the event of a hardware failure or other unplanned incident, the club is able

to use CA XOsoft™ WANSync™ to failover to the replicated environment — with

downtime of less than a minute.

The mirrored system is also used during planned outages. For example, during an email

application upgrade the club’s IT department was able to failover to the replica servers and

data with no noticeable downtime for users.

To ensure that the replication process functions correctly, CA XOsoft WANSync’s Assured

Recovery™ module enables the club to perform regular tests without impacting the

production

environment — or even affecting ongoing data replication processes.

Additionally, the Enterprise Rewinder™ module enables the club to ‘rewind’ to before a


39

MANAGING ARSENAL FOOTBALL CLUBcorruption event to ensure the integrity of its data. The solution is managed through a single

browser console, and has been put into practice with Arsenal FC twice since its

implementation — due to hardware failures — with great success.

Meanwhile, non-critical systems are backed up to tape using CA ARCServe® Backup. As

well as backing up core data, the solution is used for ‘system state’ backups, which means the

IT

department could rebuild a server from scratch in just a couple of hours.


40


Coping with email growth

As in any business, email is a key communication tool for the club. The importance and

popularity of email, however, means that user mailboxes often become unwieldy. As Farmer


41

MANAGING ARSENAL FOOTBALL CLUBconfirms, “Users were treating their mailboxes as an electronic filing system to such an

extent that some staff had more than two gigabytes of messages. As a result, our email

storage requirements just kept on growing. This not only impacted ongoing management, but

backups and restores were also taking much longer to perform.”

With the backup of the email database and messages taking an average of six hours, the club

was keen to reduce the number of emails on the mail server to a manageable level. To keep

track of archived emails for its data retention policy and simplify email management, the

football club uses CA Message Manager.

“With CA Message Manager, we now have total control of our email archive and have been

able to reduce users’ mailbox sizes,” comments Farmer. “We store just the previous six

months’ messages on the mail server while long-term copies are held on a separate archive

server, which protects against deletion and enables us to enforce our data retention policy.”

Enhancing the match day experience

By implementing CA’s integrated EITM approach, Arsenal Football Club has been able to

simplify and streamline its IT management processes. This has resulted in:

• More proactive and flexible IT services

• Increased efficiency

• Reduced system downtime

With IT playing such an important role in the club’s operations, these improvements have a

far-reaching impact on the business as a whole. As Ford confirms, “Thanks to CA’s

technology, we’ve got what we consider to be a Rolls Royce system underpinning all our IT-

based customer services. And we’re planning to go out and maximise every opportunity we

can to continue to drive the business forward.”

The club is already looking at a number of IT-based opportunities that will help to transform

its business. This includes a centralised contact centre for all customer queries — from


42

MANAGING ARSENAL FOOTBALL CLUBbuying tickets to merchandising queries — and an innovative plan to provide wireless

connectivity and content to portable gaming devices.

The ability to launch new offerings and guarantee the availability of existing IT-based

services helps Arsenal FC:

IMPROVE THE MATCH EXPERIENCE FOR FANS By providing sophisticated

and reliable facilities, such as large screens and automated turnstiles, the club is able to

increase spectators’ enjoyment of the game.

SAFEGUARD COMPETITIVE ADVANTAGE Arsenal FC needs to perform on and

off the pitch. By using IT to provide superior hospitality services, the club can continue to

attract premium customers — and the revenue it needs to invest in new players.

INCREASE PROFITABILITY By minimizing IT support costs and safeguarding

against threats to business continuity, the club can ensure that it runs a profitable and highly

successful business.

“A club like Arsenal only gets 30 opportunities a year to reach our customers, and we can’t

afford to miss a single one,” comments Farmer. “CA’s solutions and integrated IT

management approach enables us to safeguard our critical systems and ensure that the match

goes on.”

When it comes to customer service, one negative experience can quickly eclipse a previously

faultless track record. With consumers facing an ever growing of choice of suppliers,

companies — even football clubs — must ensure the customer experience remains as positive

as possible.

With many customer-facing services now underpinned by IT, this means ensuring the


43

MANAGING ARSENAL FOOTBALL CLUBavailability and performance of a wide range of systems and components. Trying to achieve

this with disparate IT management processes and solutions will result in unplanned

downtime, spiraling costs and duplication of effort.

By taking an integrated approach, an organisation like Arsenal FC will not only be able to

meet their IT availability objectives but also improve business agility, competitive advantage,

customer satisfaction and profitability.

MANAGING OF FINANCES AT ARSENAL FOOTBALL

CLUB

STRUCTURE OF FINANCE AT ARSENAL F.C

Arsenal claim their new position as Britain's richest football club shows they do not

need foreign investment.

Latest figures reveal the club's turnover has broken the £200m barrier after the move to the

Emirates Stadium.

"These results demonstrate we really don't need any outside investment," managing director

Keith Edelman told BBC Radio 5live.

"We secured all the players we wanted in the summer and manager Arsene Wenger did not

spend his budget."

The Gunners have been subject to takeover rumours after Alisher Usmanov increased his

share in the club to 21% with reports suggesting that he wants to increase his stake to 25%.


44

MANAGING ARSENAL FOOTBALL CLUBAmerican billionaire investor Stan Kroenke has a 12% stake and, while he has met with

Arsenal, the club have yet to hold talks with Usmanov.

"I am unsure what he (Usmanov) can do with 25%, and I do not believe he can stop us

operating the business on a day-to-day basis," said Edelman.

"Usmanov has a stake, (Stan) Kroenke has a stake and we get on and run the business every

day.

"It is a distraction for us to keep talking about it, but we are trying to focus on the team

getting the job done and we do not think it affects them."

He added: "As far as Usmanov is concerned, we have always stated our belief as a

responsible corporate body, we meet anybody who requests a meeting, and that is still our

policy."

Uzbek businessman Usmanov's company, Red and White, is chaired by former Arsenal vice-

chairman David Dein, who claims foreign investment is needed to compete with the likes of

Chelsea.

But Edelman told the BBC: "We are looking at a position where we don't believe we need

additional monies.

"We had £73.9m cash at the year's end and we are telling people today we've got increased

cash balances at this juncture."

The move to the new stadium from Highbury means the Premiership leaders are generating

more than £3m a game.

A statement from the Arsenal Supporters' Trust said the group was delighted with the club's

current financial position.


45

MANAGING ARSENAL FOOTBALL CLUB"These results are a testament to the success of the Emirates project. These results are the

fruits of opening the new stadium on time and on budget," the statement read.

"The club have sown the seeds for a bright new future.

"The AST studies carefully the different models of how football clubs are run. Arsenal's

model, based on sensible borrowing to invest in facilities that generate an increased income

stream, is a model we commend.

"AST reiterates its opposition to any hostile takeover at Arsenal."

BBC sports editor Mihir Bose says Arsenal can now argue that this brings them into the big

league of European earners, just behind Real Madrid.

"Manchester United will have to put on another £32m from last year to match the Gunners -

Chelsea will have to show an increase of nearly £50m; Liverpool £80m and Tottenham

£127m to match Arsenal," stated Bose.

He added that Arsenal project that the "Emirates effect will continue to produce vast sums of

money for years".

And on Dein's ambitions?

"One well-placed Emirates source told me: 'David always sees himself as number one. He

wants to be chairman. The Arsenal board puts Arsenal first. They see themselves as the

custodians of the club. That is the difference'," said Bose.

The stake held by Red and White Holdings Limited could see them seek a seat on the Arsenal

board - and a return for Dein.

But Edelman said: "The board can review anybody being a director at any time, and either

accept or decline it.


46

MANAGING ARSENAL FOOTBALL CLUB"If he had 49.999%, but the board did not think he would add value as a director, it would say

no.

"It would have to go over 50% for the board not to have a choice."

SOURCES OF INCOME

This Club is ambitious for success and I believe that the strong financial position which the

Group has established, as confirmed by the results for the year, provides the best possible

platform from which to deliver that success for the long-term.

“We are committed to operating the Club as a business which is financially self-sustaining.

This is clearly demonstrated having achieved our second highest ever pre-tax profit of

£36.7m.

“Over the last two seasons Emirates Stadium has taken our football revenues to a new level,

but we cannot be complacent. Accordingly, we recognise the need to further develop the

business commercially on a worldwide basis.


47

MANAGING ARSENAL FOOTBALL CLUB“We have reported significant growth in turnover to £223m reflecting a growth in our core

football business. There are two main reasons for this. Firstly, new Premier League domestic

and overseas TV deals have led to a rise in broadcasting income of £24.1m to £68.4m, and

secondly, matchday income was £94.6m and remained the most important component of the

Group’s income.”

Arsenal moved to Emirates Stadium in order to compete with top European sides, not only on

a financial footing but from a footballing perspective. The healthy financial returns from

moving to the Emirates are the fruits of our labour so far, but just as important is the team’s

performances at our new home.

“Given that we have only lost one match in 58 competitive matches since moving here in

2006, Emirates is certainly becoming the fortress that Highbury once was.

The most significant factor is the new TV deal which has increased income by just over

£24m. In addition, the inaugural Emirates Cup which we hosted in 2007 brought in £4m


48


Transfer funds-funds will always be made available to Arsène to improve the quality of the

squad and we have consistently stated that adequate funds are available to him if needed.

“We maintain a constant dialogue with Arsène and whilst there is not a set figure in place we

are always able to buy additional players should he choose to buy. We have every confidence

in Arsène and trust in his judgment, so he decides whether he needs to strengthen his squad.

“The accounts which we have released today show that the Group had cash balances of some

£93 million at 31st May 2008. This is clearly a very healthy position from which to support

the manager’s spending plans. However, it must be recognised that £31.5 million of this cash

is held as security for the debt service of our Bonds and its use is therefore restricted, also

there is a strong degree of seasonality to our cash flow with season ticket renewals during

May having a positive impact on the year- end cash figure

Both matchday revenue and broadcast revenue are important revenue streams. The

difference is that matchday revenue is a direct result of our active fanbase coming to watch

the team play.

“By moving to Emirates Stadium it has enabled us to reduce our season ticket waiting list,

thus bringing our exciting brand of football to a wider audience as well as increase our

matchday revenue significantly. It is part of our overall self-sustainment strategy


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OTHER SOURCES

Arsenal get £6m a year from the Emirates for shirt sponsorship

The construction work of Highbury square is right on schedule and a large number of

apartments are scheduled to be completed and released for sale in phases over the 2008/09

financial year.

“The first wave of completed apartments, which are 65 units in the South Stand, were

released at the end of July and our old home already has its first new owner in residence.

Legal completions from this first phase are ongoing and so far have generated sales proceeds

of £18.7 million.

“As I mentioned earlier, the Highbury Square bank loan is ring-fenced from and has no

recourse to the football side of the Group’s business, so it will be repaid entirely from sales

proceeds from the development.


50

MANAGING ARSENAL FOOTBALL CLUB“As proceeds come in on legal completion of sales, they will be used firstly in funding the

remaining balance of the construction costs at the site and then in repayment of the bank loan

INCOMES RECEIVED FROM TAKING PART IN VARIOUS

COMPETITIONS

Matchday Revenue £90.6m: (tickets, merchandise, concessions and corporate

hospitality sales): Hill-Wood has said: Our repayments on the stadium are under £20m a

year and it`s producing an extra £50m a year. Our annual costs are fixed for 25 years. They

will not rise. Our income will rise and our gate income will rise. Those payments are fixed.

So in not too long it will look like a few pennies.”

Broadcasting Revenue £44.3m:

o Champions League- £1.5m each club got as a participation premium, £750,000 surplus

revenue saw each club receive this extra fee in 2006-07. £300,000 for every group

match played, £450,000 for every group-stage victory, £226,000 for every group-stage

draw. £1.6m for reaching the knock-out stages and £1.8m for reaching the quarter

finals. Potential £2.2m-£7.4m if go further. (The other half of the prize money depends

on the value of each club’s ‘national market’, the number of clubs in that association,

the team’s position in their previous domestic league season and the number of games

they played in the Champions League.)

o Premiership:- Each team was paid an almost £9m share automatically, as well as £4m

for overseas TV deals. The rest was paid out in ‘facility fees’ and based on the team’s fi

nal standing in the league. As ‘merit’ payments, champions Manchester United earned


51

MANAGING ARSENAL FOOTBALL CLUB£9.7m more, with last-placed Watford receiving £486,563. In 06/07 Arsenal recieved

£28.9m from broadcasting.

o FA Cup and Carling Cup: Arsenal recieved around £40,000 for losing the 4th round and

less than £40m for losing the Carling Cup semi-final.

MAJOR EXPENSES

PLAYERS AND MANGERS SALARIES


52



53

MANAGING ARSENAL FOOTBALL CLUBHOW ARE SALARY PACKAGES OFFERED

The package you are offered will be tailored to you, and will almost inevitably include a

fixed basic salary and a bonus element.

That bonus element will depend on a performance rating in your annual appraisal, the

financial position of the business and the performance of the rest of your team. At the year-

end there will be some variation in rewards, but most people will get roughly the same bonus

if they perform in line with expectations.

This is more or less what is going on between footballers and clubs they work for. There is a

market out there, and more than most markets the skills of the players are observable to

employers, so pay can be fine-tuned to mirror performance.

My own research has shown that the market for football players works so well that in the

long term the variation in what teams are prepared to pay for talent accounts for around 90%

of the variation in team success.

Expensive teams win you games. Players do have performance bonuses written into their

contract, but these account for a small fraction of the remuneration package.

A football player (or his agent) is no more likely to accept his income should depend entirely

on the vagaries of the team's performance than you or I would accept that our entire income

should be at the mercy of the success of our companies and the efforts of those around us.


54

MANAGING ARSENAL FOOTBALL CLUBIn a very few businesses, incentive-related pay dominates — but usually these are jobs like

sales, where your own efforts almost entirely determine entirely how you perform and there

is no team element.

Fair enough for Roger Federer or Tiger Woods, but not for Wayne Rooney or Jonny

Wilkinson, who are highly dependent on what the team-mates around them are doing.

Performance-related pay for teams is more likely to lead to internal squabbles than squad

unity.

When it comes to the World Cup, the question of incentives becomes more complicated.

Players mostly want to play for their country — out of patriotism and out of self interest.

Players do have a financial incentive to perform because the marketing opportunities created

by having a good World Cup can make you very rich.

But the direct incentives are small. FIFA keeps most of the money, and the amounts

distributed by national associations to players are tiny relative to the club salary of a Premier

League star. England players are paid by the FA, but there is a long-standing agreement that

this remuneration is donated to charity.

Does anyone seriously think England would have performed better if they had kept the

money for themselves? Anyone who saw John Terry's maniacal (but comic) attempt to clear a

late Slovenian shot with his head cannot doubt the commitment of the players.

Which brings us back to the question of why players are paid so much when pay does not

directly influence performance.

Players are paid a wage that is high enough to stop them leaving to play for someone else.

Clubs try to buy the best team they can afford (and sometimes cannot quite afford) so that the

wage of a player is determined in relation to all the other players in the market. Sometimes

clubs make mistakes, but there are so many players and so many clubs that these errors are

quickly ironed out.


http://www.thisislondon.co.uk/standard/related-8687-john-terry.do

http://www.thisislondon.co.uk/standard/related-36070-fifa.do

http://www.thisislondon.co.uk/standard/related-111498-fifa-world-cup.do

http://www.thisislondon.co.uk/standard/related-21000-jonny-wilkinson.do

http://www.thisislondon.co.uk/standard/related-21000-jonny-wilkinson.do

http://www.thisislondon.co.uk/standard/related-155-wayne-rooney.do

http://www.thisislondon.co.uk/standard/related-14177-tiger-woods.do

http://www.thisislondon.co.uk/standard/related-32043-roger-federer.do

55

MANAGING ARSENAL FOOTBALL CLUBIn US sports such as baseball and American football where clubs agree to share income and

restrict competition for players through salary caps and the like, the relationship between pay

and performance is much weaker. But in Europe, where the free market rules, you get pretty

much what you pay for. As long as the clubs have the money to spend, player salaries will

remain astronomical.

REPAYMENT OF LOAN TAKEN FOR THE CONSTRUCTION OF THE EMIRATES

The £470 million cost of the project, augmented by the extra costs the club had to

meet besides building the stadium itself, was a formidable obstacle, especially as Arsenal

were not granted any public subsidy.

Arsenal had difficulty obtaining finance for the project, and work ceased just after it had

begun, before restarting when a £260m loan package was obtained from a consortium of

banks, led by the Royal Bank of Scotland

In August 2005 Arsenal announced plans to replace most of the bank debt with bonds. The

proposed bond issue went ahead on 13 July 2006. The club issued £210 million worth of 13.5

year bonds with a spread of 52 basis points over UK government bonds and £50 million of

7.1 year bonds with a spread of 22 basis points over LIBOR.

It was the first publicly marketed, asset-backed bond issue by a European football club. The

effective interest rate on these bonds is 5.14% and 5.97% respectively, and they are due to be

paid back over a 25 year period; the move to bonds has reduced the club's annual debt service

cost to approximately £20 million a year. On 31 May 2007 the club's net debt stood at £262.1

million.


http://www.thisislondon.co.uk/standard/related-229-united-states.do

56

MANAGING ARSENAL FOOTBALL CLUBHowever at the same time there are multiple sources of income for the club; the remainder of

the Lough Road site is being used for new housing, as are the surplus areas around the

stadium at Ashburton Grove.

Highbury is currently being converted into apartments, most of which have been sold. In

total, more than 2,000 homes will be built at the three sites, and the club is counting on the

profit from these developments to make a major contribution towards the costs of the new

stadium.

Other sources of revenue include the £100m from Emirates for the naming rights, to be paid

over the course of the deal and a £15m contribution towards the capital costs of the stadium's

catering facilities from catering firm Delaware North, which has a 20-year exclusive contract

to run the stadium's catering operation.

Finally, there is the increased revenue from the stadium itself. In 2005, Arsenal's then chief

executive Keith Edelman commented that the new stadium is expected to increase Arsenal's

turnover from typically £115 million to around £170 million.

Final accounts for the year ending May 2007, Arsenal's first season at the Emirates, show that

Arsenal's turnover has increased to £200.8m, compared to £137.2m the previous year and that

group operating profits increased to £51.2m.

Even once debt repayments are taken into account, the club's turnover has increased by at

least £20m a year, (in 2006–07 the club recorded a surplus of £37 million).


57


A FINAL SUM UP OF ARSENAL’S FINANCES FOR THE LAST YEAR AS

COMPARED TO OTHER TOP CLUBS


58


From the above statistics it is crystal clear that Arsenal as compared to other clubs recorded

the highest Net Profit Before Tax thereby highlighting how successfully it manages its

finances

TESTING OF HYPOTHESIS


59


The hypothesis for this project was –

“Success on the pitch (by way of winning trophies and competitions) for a

club doesn’t always guarantee the Success off-the pitch (in terms of financial solvency,

excellent management and financial success in terms of profits every year)”

ANS-Thus after compiling the results and findings in respect of this hypothesis I have

reached a conclusion that this hypothesis is correct as from the above data (informative and

statistical) although Arsenal may not have been successfully by way of winning competitions

but its financial position is much more solid and concrete compared to clubs other top clubs

competing at its level.

CONCLUSION

Thus i would like to conclude this project report by saying that although Arsenal have been

unsuccessful in terms of winning a major trophy since the past 4 years, but this was because

they paid more attention towards paying off their rather than buying elaborate stars for the

team and paying high wages to them. Clubs which have been successful have signed such

stars on extraordinary pay packages, but are now suffering to recover these amounts in these

recessionary conditions.

Arsenal’s success also goes down to its manager’ Arsene Wenger who unlike others believes

in spending wisely. Arsenal has thrived under his reign and the team has gained immense

success even on the global stage. Although Arsenal F.C isn’t that popular in these parts of the

world yet slowly but surely it is getting recognised as one of the best examples of Club

management and people around the globe are recognising its style of play on the pitch and

style of management off the pitch.


60


BIBLIOGRAPHY

http://www.deloitte.com/view/en_US/us/index.htm

http://jeffrims.blogspot.com/2008/05/latest-transfer-arsenal-newss.html

http://www.goonernews.com/

h t t p : / / t h e s u n . c o . u k / f o o t b a l l

http://mirror.co.uk

http://guardian.co.uk

http://Arsenal.com

http://Scotsman.com

http://CNN.com

h t t p : / / UEFA.com

http://GiveMeFootball.com


http://GiveMeFootball.com/

http://UEFA.com/

http://CNN.com/

http://Scotsman.com/

http://Arsenal.com/

http://guardian.co.uk/

http://mirror.co.uk/

http://thesun.co.uk/football

http://www.goonernews.com/

http://jeffrims.blogspot.com/2008/05/latest-transfer-arsenal-newss.html

http://www.deloitte.com/view/en_US/us/index.htm

61


ANNEXURES

ARSENAL HOLDINGS PLC: FINANCIAL RESULTS

Results for the year ended May 31, 2009:

• Group turnover increased to £313.3 million (2008 - £223.0 million) reflecting income

generated from cup competitions and property sales.

• Match day revenue was increased to £100.1 million (2008 - £94.6 million), mainly as a

result of progress to the UEFA Champions League and FA Cup semi-finals.

• Operating profits (before depreciation and player trading) in the football business were

£62.7 million (2008 - £59.6 million).

• The completion of sale of 208 (2007 – Nil) private apartments at Highbury Square

contributed £88.0 million of revenue (2008 - £15.2 million) and boosted the operating profit

from property activities to £7.8 million (2008 – Nil).

• Profit after tax of £35.2 million (2008 - £25.7 million) was a record for the Group.

• Since the end of the financial year there have been a number of further positive

developments in relation to the Group’s Highbury Square project:


62

MANAGING ARSENAL FOOTBALL CLUB• Of the 655 private apartments in the development, sales have now completed on 445 units

with a cumulative sales revenue value of £172.4 million.

• The balance on the bank loan used to fund the project has been substantially reduced to £47

million and agreement has been reached to refinance the loan and extend its term to

December 2010.

Commenting on the results for the year, Peter Hill-Wood, non-executive Chairman, said:

“The Group’s profits have now risen in each of the three years in which Emirates Stadium

has been our home.

This is excellent news although I should perhaps stress that making and reporting profits is

not in itself the primary objective for the directors. First and foremost we are supporters of

this great football club and, as such, our main goal will always be the achievement of success

for Arsenal on the field.

The Group’s profitability is important because it is a by-product of running the Club as a

solvent and successful business, which in turn allows us to maximise the level of investment

in the playing staff and in the future development of the Club.”

Ivan Gazidis, Chief Executive, said:

“Clearly, the Club already has a first class stadium, an excellent world-wide reputation and

outstanding core support. Football is a hugely competitive and fast moving business and we

must ensure that Arsenal is not just keeping pace but setting the pace, both on and off the

field. The Club is superbly positioned for the future and I am tremendously excited about the

opportunities we have ahead of us.”

The directors are responsible for the maintenance and integrity of the corporate and

financial information included on the company's website. Legislation in the United

Kingdom governing the preparation and dissemination of financial information differs

from legislation in other jurisdictions.


63


Source: Arsenal.com/newsarchives

HIGHBURY SQAURE REDEVELOPMENT:

Highbury Square development – Latest

Just a few hundred yards from Emirates Stadium, Arsenal's previous home Highbury

continues to undergo its transformation from football stadium to luxury apartments.

Due for completion next year, the stunning Highbury Square re-development is certainly

taking shape, and as you can see from the pictures, many of the traditional elements of the

building have been preserved.

The matchday programme caught up with Acting Managing Director Ken Friar OBE for the

latest on the development.

Q. How is the redevelopment at Highbury Square progressing?

A. Very well. The development is being executed in phases and our contractors, Sir Robert

McAlpine, are on time or ahead of schedule with each of the phases. What I find amazing is

even though the old stadium is transforming into apartments at a rapid pace now, it still feels

like the old Highbury. You can envisage the pitch and the stands and it brings back such fond

memories. A real sense of history remains there.

Q. When is the development due for completion?


64

MANAGING ARSENAL FOOTBALL CLUBA. The summer of 2009 is when Highbury Square will be fully complete but as with any

major development of this scale, we have phased handovers of finished units from now

through to the end of the construction works. The first and second phases of finished units,

136 apartments in total, have now been handed over to us by Sir Robert McAlpine and we

already have over 90 purchasers completed. In fact, some residents have already moved in to

their apartments in the South Stand, the site of the old Clock End.

Q. How many apartments have been sold?

A. There are a total of 680 apartments in the development of which 655 apartments have been

marketed so far. Of these, 598 have already been presold, which represents over 90 per cent

of the development, a figure that we are obviously extremely pleased with. As mentioned,

over 90 purchasers have completed so far, generating some £39 million of sales income.

A completed apartment

Q. That sounds promising. How does the Board envisage using the profit made from

the sale of Highbury Square?

A. The financials for the Highbury Square development have been ring-fenced so they are

separate from our usual football business. As such we have not budgeted for the profit and


65

MANAGING ARSENAL FOOTBALL CLUBthis allows the Board to be flexible over its use as the money has not been earmarked for

anything in particular. In that sense it will be a bonus. We have options available to us, for

example, profits could be used to reduce the stadium debt or to strengthen the team if the

manager wishes.

Q. There has been some suggestion that a significant number of purchasers have pulled

out of the development. Is this true and if so, why do you think that is the case?

A. Absolutely not, this is completely untrue. To date, we have had just two purchasers who,

due to personal circumstances, had to pull out and both of these were over six months ago. As

it stands, we believe that we continue to outperform the market and indeed a recent

independent valuation by Colleys concluded that all of the Highbury Square apartments have

exceeded the prices contracted to be paid for them. However, we are not complacent or short-

sighted about the current economic climate and with this in mind, we have enlisted the

support of Savills Private Finance to assist purchasers in achieving finance where they

require it.

Q.What are the long-term prospects for the Highbury Square development?

A. Property that has unique qualities, by virtue of location and character, always maintains its

value relative to the market and is always the first to realise an increase in value. This is

definitely the case with Highbury Square, which is in an excellent location, in terms of

connections in and out of central London. The development also captures the history and

character of Highbury Stadium with the East and West Stand facades retained and the pitch

constructed into a private two-acre garden for residents which, we believe, is the largest

private London Square to have been built this century. In addition, Highbury and Islington as

a whole is a highly desirable location for purchasers and tenants alike, so we believe the

future prospects for Highbury Square are very positive.


66


Q.What type of properties are still for sale?

A. There are only 57 units which are unsold and these are a mix of one and two bedroom

apartments.

Q. How will you feel once the development is complete?

A. It will offer a tremendously unique place to live for all those who have bought an

apartment there and in that sense it will be truly exciting. To live in a home in the ‘home of

football’ gives it added sparkle but for me personally, it will close an eventful chapter of my

life.

Source www.thestadium-highbury.com .

ARSENAL BUILDS FINANCIAL FOUNDATIONS

By Bill Wilson Business reporter, BBC News

Arsenal goes into the new English Premier League

season looking forward to a timely financial boost

from the sale of apartments at its former stadium.

When the club - which describes its business as both

"football and property" - moved from Highbury to its

impressive new Emirates Stadium in 2006, it turned

its old home over to housing development.

The Highbury Square development comprises 711

one, two, and three bedroom apartments priced

between £250,000 and £1,500,000.

And at the end of the month those who have paid a

deposit - of between 10% and 20% - on apartments in

the South Stand of the scheme will have to pay the


It is hoped the sale of apartments can boost team building

http://www.thestadium-highbury.com/

67


rest of what they owe.

'Far from rosy'

The £300m-plus development should be providing some funds for manager Arsene

Wenger, who has had to operate frugally as the club also services the debt it took on board

to build its modernistic new venue at Ashburton Grove.

But there are fears that the credit crunch and falling property prices could now hit

Arsenal's financial plans, both on and off the playing field.

Football business guru Alex Fynn is the latest commentator who feels the club may be

regretting the decision to rely strongly for future income streams through the property

market.

"The fear a good number of the prospective

purchasers who had put 10% down on Highbury

Square apartments might cut and run in the light of

plummeting property prices means Arsenal's garden is

suddenly far from rosy," he says.

The point is made in a book Mr Fynn has co-written,

Arsenal: The Making Of A Modern Superclub , which

analyses the club's journey from financial

underachievers to third richest club in the world.

Mr Fynn, who has written and spoken extensively on the business of sport, adds: "The

board know they are treading financial water until the Highbury Square revenue starts

coming in."

He also expresses concern in the book that "for the club to develop Highbury Square

themselves might not have made sound economic sense in the light of the credit crunch

that came along".

However it is believed the Arsenal board is sanguine about the current economic situation,

and envisages no problems with the development, despite current housing market

uncertainty.

It is also understood the club believes that even in a falling property market, the

uniqueness of the Highbury Square development will help the flats hold their value.

It is known that three buyers so far have given up their deposits and walked away from

completing their purchase at Highbury Square.

Commercial developments

But the club, which had made the decision it would make more money by redeveloping

the stadium itself rather than selling out to a developer, highlights the fact it has sold more

than 93% of its apartments.


As it was... fans arriving for a game at Highbury in 1972

68


As Mr Fynn points out: "The club has massive

commercial developments, and in fact they now

define the nature of their business as being 'football

and property'.

"The only danger is they might have predicated a few

decisions on the premise that Highbury Square was

going to bring in more revenue than it might realise."

As well as Highbury Square, Arsenal has also recently

submitted a planning application for the

redevelopment and regeneration of Queensland Road

as part of the Emirates Stadium regeneration programme.

There, it plans to sell affordable housing to a housing association and to market other

accommodation to a residential property company.

Wage control

The club had turnover of £23.7m on its property development in the six months to

November 2006 and in November 2007 this was

£7.6m.

And operating profit from property fell from £9.3m in

2006 to £2.5m in 2007.

However it is understood this is merely down to the

fact that more payments-due dates fell in the earlier

financial period.

"I would say Arsenal's finances are very good," says

Mr Fynn, "not withstanding the fact they have got a

huge debt - which is manageable as long as they fulfil

three criteria.

"These are that they play to sell-out grounds in the English Premier League, that they

enjoy a successful run in the Champions League, and that they keep their wage to turnover

ration at a healthy level under 60%.

"If they continue to do that, there is a very great difference in going in to debt and trying

to buy success through the purchase of players, and going into debt to build a new stadium

- as Arsenal has done - which triples your matchday income at one fell swoop."

Match-day revenues

However he also warns that there are a "few variables" that could influence their financial

position.

These include the future shape of the property market and credit-crunch, ensuring that

Arsene Wenger is retained as manager and the lack of commercial experience which the


As it will be... Highbury transformed into apartments

As it is... the former Highbury playing area is being transformed

69


club has at the highest level.

In moving from Highbury to the Emirates Stadium

Arsenal hugely increased their match-day revenues.

A total of 1,838,152 attended matches at Arsenal's

new home during the 2006/07 season, a 76% increase

on the total attendance during the final season at

Highbury, when 1,044,266 took their seats.

'Protecting the brand'

The move also saw the groundbreaking naming rights sale at the new stadium. In a £90m,

15-year, deal Arsenal gave the airline Emirates exclusive naming rights to the stadium.

"All I would say is that maybe from a marketing point

of view they could have made better use of the assets

they have," says Mr Fynn, who has worked as a

director at Saatchi & Saatchi advertising for nearly 20

years, handling a number of big-name clients

including several football clubs.

"There is nobody on the board with a marketing or

advertising background, nobody with experience of

working at somewhere like Procter & Gamble for

example.

"I have suggested in the book that there were different ways of handling the stadium

naming rights. They could have been protected the brand, by calling the stadium

something like the Highbury Emirates.

"But let us not forget it is the third richest football club in the world."

Meanwhile the club hopes the conversion of all four former stands into apartments will be

completed by the end of summer 2009.

In the meantime Arsenal are betting that the lure of owning an apartment overlooking

where greats such as Alex James, Charlie George, Ian Wright and Thierry Henry once

played will overcome any housing market wobbles.

Page last updated at 14:40 GMT, Sunday, 10 August 2008 15:40 UK

http://news.bbc.co.uk/2/hi/business/7545274.stm


Mr Fynn believes Arsenal could have handled its naming rights

They could have been protected the brand, by calling the stadium something like the Highbury Emirates

Alex Fynn

http://news.bbc.co.uk/2/hi/business/7545274.stm

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