Most EPL clubs buy players with borrowed money or the owner’s petrodollars. Arsenal are different – the money available for buying comes from profit generated by success and sales.
Put another way, the basic income from TV, marketing and games goes to pay the mortgage and the salaries. The purchases come from other sources. At least that is how the Guardian have calculated the issue, and since none of us outside the board have any real knowledge it is not a bad assumption to start with.
There is some merit in this view when one looks at the extra income generated by the Ems against the mortgage costs reported. The Ems generates more income even after the mortgage is counted, so if anything there might be more money in the pot.
The following also doesn’t count the money coming in year on year from the sale of Highbury – who knows where that is going.
So on that basis that I might have missed some costs, but also haven’t included these two extra sources of revenue, this is the money we have for transfers…
£5.2m – the profit made on trading in players up to June 30 2008. This is the Guardian figure – I have not gone back over the years to try and sort it.
£1m – profit made on buying Aaron Ramsey and Samir Nasri while selling Alexander Hleb, Gilberto and Justin Hoyte. (Flamini was given away). (The Guardian have this trade as netting zero – I make it £1m – who knows?)
£6.5m Going to the semi-final of the FA Cup generated a bonus £6m in gate money and half a million in prize money.
£5m Going to the Champs semi gave £3m in gate money and £2m in prize money. This seems fairly certainly.
£20m The money remaining from the transfer fund after buying Andrey Arshavin. That total was £40m – so we assume £20m for Arshavin. Ditto.
£5m extra TV money for the three cup runs – not included in the Guardian analysis.
Then of course there are the summer sales. Ade for £20m? A few million for fringe players? You never know it could amount to £65m. Quite a lot really.
Of course as I have said, who really knows – but there is some merit in this analysis.
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(c) Bank of Attwood 2009
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