Arsenal calm takeover fears

2007-09-25 10:25

London - Arsenal chairperson Peter Hill-Wood has calmed fears there would be a takeover of the London club and is adamant the Gunners will remain in safe hands for the long term.

The Gunners' parent company on Monday morning announced highly impressive figures for 2006/2007, with overall turnover up to more than 200 million pounds at Emirates Stadium.

Operating profit also increased significantly to 51.2 million pounds after the club's move to their new 60 000-seater home - with match-day revenues up to 3.1 million per game, double those generated at Highbury.

The results push the Gunners well ahead of Chelsea and Liverpool, and into similar territory as Real Madrid and Manchester United, who are expected to see their own turnover figures increase during the same period - but not to the same extent as those at Arsenal.

Manager Arsene Wenger's side are top of the Premiership after an impressive start to the new campaign.

However, it is the supposed battle for power in the boardroom which continues to take up as many column inches as what Wenger's young squad achieve on the pitch.

With Russian billionaire Alisher Usmanov recently increasing his stake in the club to around 21% via Red and White Holdings Limited and the significant investment of American billionaire Stan Kroenke, at just over 12%, rumours the board will eventually sell out to one or the other continue.

Hill-Wood, however, again moved to quell supporters fears when the inevitable subject was raised after the publication of Arsenal's results.

Asked if he could understand the concerns of the fans, the Gunners' chairperson said: "I share them. All I can say is we have stressed more times than I can remember we believe we are here as guardians of this great football club.

"The board are totally united in resisting any attempt to wrest it from us. Not only does the club belong to shareholders, it belongs to the fans.

"They are the people who produce half the income we generate, they sit around here and we have to entertain them. Luckily we have been able to do that."

Hill-Wood, 71, added: "If you listen to the major shareholders on the board and believe what they tell you they have absolutely no intention of selling one single share.

"I think the way Arsenal Football Club is structured is very satisfactory. I think changing it to a single owner would not be to the benefit of Arsenal fans and the club in general.

"I hope they are wasting their time."

Hill-Wood and the rest of the Arsenal board pledged to retain their current shareholding for at least one year after the controversial departure of former vice-chairperson David Dein last April, following a split over the extent of the involvement of Kroenke.

Dein has since sold his holding to Usmanov and is now chairperson of Red and White Holdings.

Hill-Wood, though, is sure the board will hold fast to their stance even when the self-imposed deadline passes early next year.

And everyone at the club is united in the belief without success on the pitch, all other efforts are worthless.

"We are currently top of the Premiership and are committed to providing Arsene Wenger with funds to strengthen the playing squad whenever he deems it fit to do so," said Hill-Wood.

"We are well aware that even if you have the best stadium in the country and a sound business plan, that plan does not work if you have a lousy football team.

"We are luckily not in that position, and hope it will continue."

- AFP