A few notes on the annual report.


1. Gate and Commercial revenues fell by £10.3m, due to early exit from the domestic cups. Does it mean that manager has received a signal and will try to win the Carling Cup this time?

2. Arsenal has nearly £55m “other operating charges” aside from transfers, wages and property costs (p.38). And nobody knows what these charges are.

3. According to the “mortgage annuity” Arsenal made an annual £5.6m stadium debt repayment (p.17) .
This is less than Arsene Wenger’s new salary.
The previous years’ stadium debt repayments were 2007: £0.7m. 2008: £5.0m. 2009: £5.3m.
This year stadium debt’s interest was £14.6m. So the total annual debt service cost for the stadium is £20.2 (£14.6 + £5.6) million. (p.15)
The Gate revenue is £93.9m.
2005/06 – the last year at Highbury, it was £41m.
So £32.7 (52.9-20.2) million is the one year surplus.
So the club was not “financially constrained” after moving to new stadium, they have just spent the money badly (mainly on increased wage payments to players who have failed to match their lesser-paid predecessors).

4. The profitability (Margin on Sales) of property business – 7.2% (£11.2m/£156m)
The profitability of the football part of the business — 20.1% (£44.8m/£222.9m)
The profitability of the group – 14.8%. (p.12).
Chief of property business Ken Friar’s bonus is £700K. Chief of the group Ivan Gazidis’s bonus is £669K. (p.40)

5. Arsenal spent on football (wages plus net players registration) £92.5m.
It is almost £30m less than the previous year. (p.14)
Therefore the group profit growth is based on a reduction in football investment.
Otherwise the group profit would be around £26m. 40% less than the previous year.

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