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When Arsenal board member David Dein sold his shares to Alisher Usmanov's Red & White Holdings, he did so believing that the Premier League club needed the backing of a billionaire to survive. A new financial report just made Dein into a dirty, dirty liar.
According to Sky Sports, Arsenal's financial report reveals them to be the richest club in the United Kingdom. Operating profits were up a whopping 274% to £51.2million, and the club reportedly has £73.9 million in cash on hand. As much as £70 million of that is available to Arsene Wenger on the transfer market -- not that he needs it at the moment, given that Arsenal is on top of the league table with a game in hand. Why ruin the chemistry this side has now?
The big reason for the London club's success? Emirates Stadium. Arsenal moved from a 38,000-seat stadium at Highbury to 60,000-seat Emirates Stadium last season. When it was built with no public subsidy, many supporters were concerned that the financing for the stadium was a little shaky. However, consistent sellouts at Emirates have brought in as much as £3 million per match -- money which has gone a long way toward paying off its bond financing.
So Dein and Usmanov can insist all they want that Arsenal need a billionaire backer, but it's now plainly obvious that this isn't true. That begs the question -- what else are they saying that isn't true?
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