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Edelman: Gunners Can Spend

Sat 23 Feb, 12:16 AM


Arsenal managing director Keith Edelman insists the club's impressive six-monthly financial figures will be used to further the side's on-field ambitions - not line the pockets of investors.

The club announced profits of £20million for the half-year ending November 2007on Friday - a healthy improvement on the corresponding figures from 2006, which saw the company report a £12.9million profit after exceptional payments.

Contributing factors included the new and improved overseas broadcasting deal, with TV revenues up £6.5million to £24.3million, and the continuing good performance of the Emirates Stadium.

The pre-season Emirates Cup tournament, featuring the Gunners, Inter Milan, Paris St Germain and Valencia, attracted 110,000 supporters and contributed to a year-on-year improvement of over £3million in stadium receipts.

And Edelman has confirmed the club's robust finances will be used to keep Arsene Wenger's team in equally rude health.

"We've got no plans to make any dividends to shareholders so all resources will be retained within the business.

"Clearly we've got ample cash in the balance sheet to make additions to the squad if that's what the manager wants to do," said Edelman.

"We're having a good season. Our objectives are to play good football, to win honours and to make a profit. At the moment we're pretty happy with where we are in terms of those.

"No-one has actually asked us to start paying dividends, it's far too early for us to be doing that.

"We need to invest in the business and in the team. The squad, that's our first port of call."

Edelman also insisted that there was be no imminent threat of a takeover from Russian billionaire Alisher Usmanov, whose Red and White Holdings company have been steadily increasing their stake in Arsenal.

Former vice-chairman, and staunch Wenger ally, David Dein sold his shares to the steel billionaire's investment company when he left last August and is now chairman of Red and White.

His presence means rumours of a buy-out, with Dein subsequently restored to power, abound but Edelman believes a 'lockdown' agreement between other shareholders mean that scenario is a non-starter.

"We were always advised by them that they would build their stake to 25 per cent but we have a lockdown which makes us bullet-proof," said Edelman.

"We watch what they do and we make announcements when they go each extra percent but it's business as usual.

"We have stated our objectives are to play good football, to look after our fanbase and to make a profit and the current board are delivering on all those objectives.

"The lockdown agreement means the board members have all agreed not to sell their shares for a certain period - then after that period, if they are going to sell them, they are going to offer them to each other first.

"That gives the group a lot of security in terms of the shareholder structure and the club will not change over the next few years."

Meanwhile, boss Arsene Wenger believes a sense of stability in the boardroom has helped Arsenal in their quest to regain the Barclays Premier League title this season.

"It is a big part that there has been a consistent board. Football is a strange activity. You need to understand patience," said the Arsenal manager, who holds an economics degree from Strasbourg University

"However, I am not focused on the money side.

"It is a task of every manager to do well with the resources available and that's what I've always tried to do in every club I work. I try to respect that.

"I was never in a club with any deficit because we have debt, not deficit. I spend what is available and not more. That, for me, is the basics for every manager from the start.

"You cannot put the life of a club in trouble or in danger because you want to buy players that you cannot afford."

Wenger continued: "People pay a big price to watch a football game. They do not care how much money you make or how much money you lose. It is down to you to do the job of making this club survive and to give the fans what they want when they come to a football game: enjoyment. That is our responsibility."

Even though Wenger has a healthy war chest at his disposal, he has indicated maintaining all of the current squad - such as out-of-contract midfielder Mathieu Flamini - is his chief concern at present.

Wenger said: "I have worked very hard to build this team and my first priority is to keep this team together. After that, if I can add one or two more and I have funds available I will do it.

"But the first priority is to keep the team together and the first case I have not solved yet is Flamini, keeping him with us."

  • The Arsenal Supporters Trust have also announced plans to ballot members on the possibility of joining the lockdown agreement.

    An AST statement read: "Arsenal are today publishing another set of excellent financial results. The team is top of the league. The current board are doing an excellent job. We are a very well-run club that does not need a change of ownership.

    "This action allows all small shareholders to demonstrate their commitment to Arsenal. In all, about 12 per cent of the club is owned by trust members and small shareholders. We believe the vast majority of them will back the lockdown."

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