Arsenal’s £143.4m wage bill exposed

Last February, I gave estimated figures of Arsenal’s wage bill, citing the huge amount of money Wenger had wasted on (a) flops, and (b) overpaid youngsters he couldn’t get off the wage bill.

My overall assessment was that, contrary to popular opinion, Arsenal’s failure to compete with the heavy spenders in the Premier League has nothing to do with how much money is available for Wenger to spend, rather how he chooses to spend the considerable resources made available to him.

Yet, while the sum total of my wage bill estimate added up mathematically, the breakdown lacked accuracy and I’ve long been meaning to perfect it. So, armed with further information - and recent access to Arsenal’s full-year accounts, the below update should be a little more accurate an estimate of how Arsenal’s current £143.4m wage bill is made up.

Lukas Podolski £107,000 £5,564,000
Tomas Rosicky £80,000 £4,160,000
Per Mertesacker £80,000 £4,160,000
Andrey Arshavin £78,000 £4,056,000
Santi Carzorla £70,000 £3,640,000
Mikel Arteta £70,000 £3,640,000
Thomas Vermaelen £70,000 £3,640,000
Theo Walcott £60,000 £3,120,000
Olivier Giroud £60,000 £3,120,000
Gervinho £60,000 £3,120,000
Bacary Sagna £60,000 £3,120,000
Marouane Chamakh £60,000 £3,120,000
Andre Santos £60,000 £3,120,000
Jack Wilshere £60,000 £3,120,000
Abou Diaby £60,000 £3,120,000
Denilson £60,000 £3,120,000
Laurent Koscielny £60,000 £3,120,000
Johan Djourou £50,000 £2,600,000
Kieran Gibbs £50,000 £2,600,000
Nicklas Bendtner £50,000 £2,600,000
Sebastien Squillaci £50,000 £2,600,000
Aaron Ramsey £50,000 £2,600,000
Wojciech Szczesny £50,000 £2,600,000
Lukasz Fabianski £50,000 £2,600,000
Ju Young Park £50,000 £2,600,000
Vito Mannone £30,000 £1,560,000
Alex Oxlade-Chamberlain £30,000 £1,560,000
Carl Jenkinson £30,000 £1,560,000
Emmanuel Frimpong £30,000 £1,560,000
Francis Coquelin £30,000 £1,560,000
Ryo Miyaichi £18,000 £936,000
Ignasi Miquel £10,000 £520,000
Joel Campbell £10,000 £520,000
Alex Iwobi £750 £39,000
Alfred Mugabo £750 £39,000
Anthony Jeffrey £750 £39,000
Arinse Uade £750 £39,000
Austin Lipman £750 £39,000
Benik Afobe £750 £39,000
Brandon Ormonde-Ottewill £750 £39,000
Chuba Akpom £750 £39,000
Chuks Aneke £750 £39,000
Conor Henderson £750 £39,000
Craig Eastmond £750 £39,000
Damian Martinez £750 £39,000
Daniel Boateng £750 £39,000
Deyan Iliev £750 £39,000
Elton Monteiro £750 £39,000
Glen Kamara £750 £39,000
Hector Bellerin £750 £39,000
Nicholas Yennaris £750 £39,000
Isaac Hayden £750 £39,000
Jack Jebb £750 £39,000
James Shea £750 £39,000
Jernade Meade £750 £39,000
Jon Toral £750 £39,000
Jordan Wynter £750 £39,000
Josh Rees £750 £39,000
Josh Vickers £750 £39,000
Kristoffer Olsson £750 £39,000
Kyle Ebecilio £750 £39,000
Leander Siemann £750 £39,000
Martin Angha £750 £39,000
Nigel Neita £750 £39,000
Philip Roberts £750 £39,000
Reice Charles-Cook £750 £39,000
Samir Bihmoutine £750 £39,000
Samuel Galindo £750 £39,000
Sanchez Watt £750 £39,000
Sead Hajrovic £750 £39,000
Serge Gnabry £750 £39,000
Tarum Dawkins £750 £39,000
Thoma Eisfeld £750 £39,000
Tom Dallison £750 £39,000
Wellington £750 £39,000
Zachari Fagan £750 £39,000
Zak Ansah £750 £39,000
Arsène Wenger £135,000 £7,020,000
Assistant to Manager    
Boro Primorac £7,500 £390,000
Steve Bould £5,000 £260,000
Gerry Peyton £1,300 £67,600
Neil Banfield £1,300 £67,600
Tony Colbert £1,300 £67,600
Tony Roberts £1,300 £67,600
Paul Johnson £1,000 £52,000
Marcus Svensson £1,000 £52,000
James Collins £1,000 £52,000
Ben Knapper £1,000 £52,000
David Wales £1,000 £52,000
Colin Lewin £1,000 £52,000
Gary O'Driscoll £1,000 £52,000
Simon Harland £1,000 £52,000
Kieran Hunt £1,000 £52,000
Darren Page £1,000 £52,000
Danny Flitter £1,000 £52,000
Vic Akers £600 £31,200
Paul Akers £600 £31,200
Steve Rowley (Chief) £1,000 £52,000
Gilles Grimandi £600 £31,200
Tony Banfield £600 £31,200
Danny Karbassiyoon £600 £31,200
Sandro Orlandelli £600 £31,200
Pablo Budner £600 £31,200
Everton Gushiken £600 £31,200
Bobby Bennett £600 £31,200
Francis Cagigao £600 £31,200
Jurgen Kost £600 £31,200
Peter Clarke £600 £31,200
Liam Brady £3,200 £166,400
David Court £1,000 £52,000
Roy Massey £1,000 £52,000
Terry Burton £1,000 £52,000
Steve Gatting £1,000 £52,000
Lee Smelt £1,000 £52,000
Carl Laraman £1,000 £52,000
Steve Leonard £1,000 £52,000
Craig Gant £1,000 £52,000
Dennis Rockall £1,000 £52,000
Lewis Manning £1,000 £52,000
Richard Goddard £1,000 £52,000
Alastair Thrush £1,000 £52,000
Kwame Ampadu £1,000 £52,000
Ivan Gazidis £39,423 £2,049,996
Ken Friar OBE £10,980 £570,960
Peter Hill-Wood £1,500 £67,000
Stanley Kroenke £481 £25,000
Sir Chips Keswick £480 £24,960
Pension/social security £387,500 £20,150,000
Player bonus pool £192,307 £10,000,000
Peripheral staff £160,000 £8,320,000
Total £2,756,771 £143,341,116

(Note to other websites: please link to this weblog rather than publish salary statistics as the figures are being constantly revised) 

The wage bill has risen by 19% from last season and is currently only £19m less than Manchester United’s and £25m behind Chelsea. All clubs trail behind Manchester City, although just because Man City have a wage bill of £174m doesn’t mean you need a wage bill of £174m to compete for the Premier League.

Money will get you so far in competing for the Premier League, but paying ridiculously over-inflated salaries to beat off the competition is not necessarily a true reflection of a squad’s overall ability or the ultimate route to success. The missing link is a management team’s ability to convert that financial outlay into trophies.

Basically, Man Utd, Chelsea and Arsenal have much fewer resources than Man City, but still have more than enough to field a world class first team + bench that is capable of outstripping the rest of the Premier League and winning consistently enough to mount a title challenge.

This notion can be further assessed by looking at the spend of a team such as Tottenham, who competed with Arsenal for a place in the top four despite spending £30m less in wages, while Newcastle finished just 5 points behind Arsenal despite spending £110m less in wages! The Northern club has halved its wage bill from £74m to £34m over the past two seasons, yet still managed a top four challenge.

If Newcastle can compete with Arsenal notwithstanding a £110m wage deficit, why can’t Arsenal compete with Man City, Chelsea or Man Utd for the title when the wage gap, in relative terms, is far smaller?

This evidence re-establishes the fact that Wenger’s inability to challenge for the title has little to do with being unable to compete financially, but everything to do with inefficient wage spend allied to poor player purchases and rank bad management.

Based on my salary estimates above, we can better view Wenger’s horrendous cash wastage by examining the salary spend on the following distinctly average players over a 4-year period.

Vito Mannone £6.2m
Kieran Gibbs = £10.4m
Ju Young Park = £10.4m
Wojciech Szczesny = £10.4m
Lukasz Fabianski = £10.4m
Aaron Ramsey £10.4m
Johan Djourou £10.4m
Sebastien Squillaci = £10.4m
Nicklas Bendtner = £10.4m
Denilson £12.4m
Abou Diaby £12.4m
Andre Santos £12.4m
Marouane Chamakh = £12.4m

From that list, Wenger has, or will have by the time their contracts expire, blown £139.3m on wages. Add another £24.6m in transfer fees = a total expenditure of £163.9m. In fact, the cost is actually considerably higher as some of those players have been at the club far longer than 4 years - up to 7 in some cases.

Some might bemoan my choice of targets to pick on, but it would only make for worse reading if I chose to include some of Wenger’s other grave disappointments such as Theo Walcott and Andrei Arshavin. Many might want to add a prize dud like Gervinho to the list, or judging by Arsenal’s abysmal defending, Mertesacker, Vermaelen or Koscielny.

The jury’s also out on new signings Giroud and Podolski, who so-far have only 3 goals between them in 10 Premier league games. Early days, but that £24m outlay doesn’t look like coming good either.

The players mentioned in the above two paragraphs have cost the club a further £86m in transfer fees, and over a 4-year contract Arsenal has either spent, or is committed to spending, at least £119.6m in wages on those players.

The question is, how many of these Wenger purchases have proven to be the absolute top quality required to sustain a title challenge or compete for the Champions League? The total expenditure on wages and salaries for all of the above players combined amounts, or will do by the time their contracts expire, to £369,500,000.

Sorry, but the idea that Arsenal is a club unable to compete due to lack of finances is utterly preposterous.

Now that we can take Wenger’s resources out of the equation, we can focus on the real reasons Arsenal has been unable to challenge for trophies going on 8 years, such as the obscene amounts of money Wenger wastes on average players, his total failure to coach defence, fundamentally flawed tactics and clear inability to motivate the squad.


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Ivan Gazidis fills his pockets

Yes folks, that’s what Ivan Gazidis earned last season £2.13m! A £1.36m basic salary + £675k bonus and £100k towards his pension.

That’s a 24% increase!

With Arsenal’s end-of-year accounts now in full view, and with help from an excellent analysis by the Swiss Ramble blog, the accounts show profit before tax for last season at £36.6m.

The other notable sum is an increase in staff costs by £40m, with wages up 15% to £143m. This is puzzling as the club sold two of its highest earners in Fabregas and Nasri, while other big earners, namely Eboue, Clichy and the overpaid Traore, also departed.

Swiss Ramble apportions blame to Wenger’s round of panic buying at the end of the transfer window, with deals rushed through for numerous players without sufficient time for full salary negotiations. In other words, Nasri is on, say £70k a week – fuck it we haven’t got time, give it to Santos or Mertesacker.

On further analysing the accounts, in terms of promoting growth and making the most of the money sitting in the bank, you have to wonder what on earth Gazidis is doing to earn his salary – let alone his bonus, especially as Arsenal has won nothing throughout his tenure, competed for nothing and only scraped automatic qualification for the Champions League last season by a point, while finishing almost 20 points behind the top two.

Quote Gazidis, “All of the money we make is made available to our manager and he has done an unbelievable job in managing that spend.” Except it doesn’t seem very outstanding when you consider that Arsenal only finished 1 point ahead of Spurs – whose wage bill is £30m lower, and 5 points ahead of Newcastle who have a paltry wage bill of £34m.

Read that again, Gazidis/Wenger spent £100m more on wages than Newcastle and only finished 5 points better off.

More bad news for Gazidis is that despite the fact Arsenal are in the Champions League every season and football clubs are earning more money now than at any point in the history of the game, Arsenal Football Club is simply not growing, with Arsenal reporting an operating loss of £18m last season.

Commercial Revenues are only £4.4m higher now than they were in 2009. Yet, according to Gazidis, a miserable 9% increase in commercial revenue streams over the past three years is acclaimed as “well ahead of our five-year plan”.

To add more salt to the wounds, match day income dropped last season from £100 million to £95 million, and that’s despite season ticket hikes. It’s the first conclusive evidence that Arsenal fans are no longer willing to shell out for mediocrity.

Arsenal’s gross debt now stands at £253m, and with cash reserves of £154m the club is now £99m in debt. Property deals are expected to conclude over the following two years bringing in a further £36m.

This raises another question, why are Arsenal’s cash balances so high? Manchester United’s cash reserves are only £71 million, implying they invest their surplus and don't just leave it sitting in the bank.

While we should not expect all of Arsenal’s £154m cash reserves to be provided for transfers, a huge chunk of it could be – and the reason it’s not is because Wenger refuses to touch it.

Cue Gazidis: “I want to be clear that the money we generate is available to our manager, Arsène Wenger, and that he quite rightly makes the decisions regarding how to invest those funds.”

Again, unambiguous evidence that Wenger is 100% in charge of spending, without restrictions, and has sizeable transfer funds at his disposal sitting there unspent.

Gazidis £675k bonus is a disgrace. Yes, he’s making money for the club, but the profits are coming from Wenger selling all of Arsenal’s best players not from any revenues that he's responsible for. In fact, since taking the job nearly four years ago, I can’t find many - make that "any" - examples of where Gazidis has succeeded in significantly enhancing the profile of the club, either in footballing or financial terms.

Although Arsenal’s commercial weaknesses are undoubtedly linked to the long-term deals put in place to provide financing for the Emirates Stadium, Gazidis’ poor record in sponsorship deals doesn’t exactly provide confidence in his ability to put in place a team capable of making the most from the renewal of the major shirt sponsorship/commercial deals that expire in 2013/2014.

One final quote from the CEO, “Can we compete at top salary levels? Yes we can, but we have an ethos at the club - the way Arsène expresses it is that it is not about individual players, it is what happens between them.”

If you can figure out what that means, drop me a line.

Clearly, Wenger is running the whole show. No wonder the board is terrified of losing him, far too much power has been invested in the Frenchman and the CEO/manager relationship is totally back to front.

Gazidis/Wenger salaries simply do not reflect their achievements, they’re grossly overpaid and the club is being badly run too, with huge wastage on player salaries, overpriced tickets, feeble progress on commercial activities, undernourished investment - despite it being available, and zero leadership from the board, including its missing owner, Stan Kroenke.

The longer this apathy continues, the more you start to wonder if the whole lot of them do not require clearing out – including the good-for-nothing Hill-Wood - and replaced by an ambitious, results-driven boardroom that takes responsibility for its failures instead of serving up feeble excuses and has a more transparent and healthy hierarchical structure.


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Gazidis still enslaved by Wenger’s despotism


The AST held its annual meeting with Ivan Gazidis on Wednesday evening, and it’s up on Arsenal.con for you to watch at your behest.

Ivan was more charming this year, a little more forthright – but at the same time only the most naïve of supporters would fall for his tactic of answering questions at ridiculous length simply to reduce the amount of time available for spontaneous communications from the floor.

Pre-empting the distaste of all but the most boot-licking of Arsenal supporters, the American blathered at length about UEFA’s FFP (Financial Fair Play) model, continuing to infer that Arsenal cannot compete with the ‘big clubs’ under its current self-sustainability model until FFP is implemented.

At events like this, it’s almost as if Wenger is operating Gazidis’ mouth from behind a screen – especially when it comes to “waiting for FFP”, which has Wenger’s fingers all over it – a manipulative excuse designed to mask his own faltering performance as manager and allow him endless more years of fumbling.

This inference that FFP will be implemented effectively seems a tad naïve to me. UEFA, incompetent at the best of times, can’t even control racist supporters in a tin pot footballing nation like Ukraine, so how will it control the massive complexities of FFP – with clubs no doubt using every legal resource to extricate themselves from the regulations to gain advantage?

Besides, do you really think UEFA will throw clubs like Man City and Chelsea to the wall, missing out on the huge revenues they supply and feeding the risk of ostracising said clubs into forming a dreaded European super league?

So the plan is laid out – wait for FFP, with Gazidis putting all of Arsenal’s failures down to lack of cash and zero examination of the performance of Arsene Wenger and whether he is tactically culpable, able to motivate, capable enough as a defensive coach or a myriad of other performance-related failures that you can squarely attribute to Wenger’s obstinate, blind-sighted management.

The subject of Usmanov, and what he could bring to the table, was also broached, but it seems more obvious than ever that Stan Kroenke does not want the Russian to play any part in the running of the club and never will. Kroenke’s sitting on a financial goldmine, so why invite Usmanov to interfere with that?

Overall, my residing feeling is that Gazidis is pretty much a slave to Kroenke’s business objectives and his over-amplified admiration of Arsene Wenger. Overpaid and sitting pretty, Gazidis may care about Arsenal, but certainly not enough to put his own job on the line. He could yet flourish as a CEO if he flexed his muscles, but currently remains intimidated by Wenger’s manipulative sense of self-importance.

At the end of the day, Gazidis IS doing everything in his power to make Arsenal more financially competitive within the restrictions placed on him and his fairytale belief in FFP - injected into his brain by Wenger like some monkey serum, but until Gazidis has the courage to think independently and demand a lot more from the manager in terms of making Arsenal a truly competitive team (and 100% accountable for failing to deliver), Arsenal will remain the upper tier zombie club that it is. 


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AST backs AT wage bill figures/5Live discussion

On Tuesday, there was a Radio 5Live Arsenal Special with a panel discussing Arsenal’s recently announced half-year results and the peformance of the club and manager. Some of it (not all of it) is damning, but makes for interesting listening.

Chaired by Mark Pougatch, the panel includes: Christian Purslow (former Liverpool Managing Director), Nigel Phillips (Arsenal Supporters Trust), Martin Keown and Jeremy Wilson (Daily Telegraph).

Key stats to take from Arsenal’s half-year figures are:

  • The club is profitable at every level
  • Half-year results show that full-year profit is expected to be in the region of £45m
  • Stadium debt is no real burden to the club; the cost is £20m pa and the club generates £50m
  • Arsenal is sitting on significant cash resources of £115m; so why didn’t Wenger spend some in January?
  • The stadium is already half paid for (not including cash reserves)
  • There’s still £30m to come from property sales
  • The wage bill is now approaching £140m – 90% of which comprises of player/staff wages
  • Ticket prices are now amongst the highest in the world, with Club Level tickets rising another 2% next season

Other interesting speculations:

Arsenal blew £75m on players + agents fees in the summer, Spurs spent £8m.

Lower and mid-range players at Arsenal are paid significantly more than at Man Utd, Man City or Chelsea. Keown called the amount of money young players are paid as “staggering”.

Because of the wage equality, not inequality, Van Persie is paid way below his competitive market value in salary terms. Arsenal risk losing him because his salary is being kept down by the average of the others.

At Manchester United, young players such as Ravel Morrison, Federico Macheda and Paul Pogba have failed to agree new contracts. Ferguson is refusing to put them on salaries that would still be 50% less than what Wenger pays his kids.

Arsenal could attract a better class of player if the lower-to-mid-range players were not so handsomely rewarded.

Arsenal players out on loan are currently unsalable because of their high wages.

With the guests reading directly from the wage bill figures published by Arsenal Truth on Feb 23, the AST’s Nigel Phillips admitted the figures were a good guesstimate. Radio 5 tried to speak to Gazidis about the figures, but he refused

The panel does also defend Wenger; it’s not all one-way traffic.

Click here to listen to the hour-long programme (starts at around the 6-minute mark).


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Arsenal's £130m wage bill exposed

With some outside assistance I've been able to cobble together an estimate of what Arsenal's current wage bill comprises of. 

Naturally, without access to the books, there is a (large) element of guesswork here. For example - despite the obscene wages in some (most) instances, I found that £15m was still unaccounted for, so had to put that amount down as "OTHER STAFF". Remember there are scouts to pay and probably a few hundred other individuals apart from the playing and coaching staff that draw a salary at the Emirates.

Take a look dear reader, you may find it illuminating.

FIRST TEAM WAGE (pw/k) WAGE (p/yr)
Robin van Persie £90,000 £4,680,000
Andrey Arshavin £80,000 £4,160,000
Mikel Arteta £70,000 £3,640,000
Theo Walcott £70,000 £3,640,000
Thomas Vermaelen £70,000 £3,640,000
Yossi Benayoun £70,000 £3,640,000
Gervinho £70,000 £3,640,000
Manuel Almunia £60,000 £3,120,000
Per Mertesacker £60,000 £3,120,000
Sebastien Squillaci £60,000 £3,120,000
Tomas Rosicky £60,000 £3,120,000
Bacary Sagna £60,000 £3,120,000
Aaron Ramsey £55,000 £2,860,000
Alex Song £55,000 £2,860,000
Jack Wilshere £55,000 £2,860,000
Nicklas Bendtner £52,000 £2,704,000
Marouane Chamakh £50,000 £2,600,000
Abou Diaby £50,000 £2,600,000
Andre Santos £50,000 £2,600,000
Carlos Vela £50,000 £2,600,000
Denilson £50,000 £2,600,000
Johan Djourou £50,000 £2,600,000
Laurent Koscielny £50,000 £2,600,000
Lukasz Fabianski £40,000 £2,080,000
Wojciech Szczesny £40,000 £2,080,000
Armand Traore £40,000 £2,080,000
Ju Young Park £40,000 £2,080,000
Kieran Gibbs £40,000 £2,080,000
Vito Mannone £20,000 £1,040,000
Alex Oxlade-Chamberlain £20,000 £1,040,000
Carl Jenkinson £20,000 £1,040,000
Emmanuel Frimpong £20,000 £1,040,000
Ryo £20,000 £1,040,000
Francis Coquelin £15,000 £780,000
Henri Lansbury £5,000 £260,000
Ignasi Miquel £5,000 £260,000
Zak Ansah £1,000 £52,000
Daniel Boateng £1,000 £52,000
George Brislen-Hall £1,000 £52,000
Craig Eastmond £1,000 £52,000
Benik Afobe £1,000 £52,000
Chuks Aneke £1,000 £52,000
Sead Hajrovic £1,000 £52,000
Conor Henderson £1,000 £52,000
Gavin Hoyte £1,000 £52,000
Sean McDermott £1,000 £52,000
Jernade Meade £1,000 £52,000
Rhys Murphy £1,000 £52,000
Nigel Neita £1,000 £52,000
Oguzhan Ozyakup £1,000 £52,000
Sanchez Watt £1,000 £52,000
Icholas Yennaris £1,000 £52,000
Martin Angha £1,000 £52,000
Kyle Ebecilio £1,000 £52,000
Damian Martinez £1,000 £52,000
Elton Monteiro £1,000 £52,000
Jordan Wynter £1,000 £52,000
Jeffrey Monakana £1,000 £52,000
James Campbell £1,000 £52,000
Samir Bihmoutine £1,000 £52,000
Philip Roberts £1,000 £52,000
Ben Glasgow £1,000 £52,000
Reice Charles-Cook £1,000 £52,000
Alban Bunjaku £1,000 £52,000
Isaac Hayden £1,000 £52,000
Zachari Fagan £1,000 £52,000
Jon Toral £1,000 £52,000
Anthony Jeffrey £1,000 £52,000
Serge Gnabry £1,000 £52,000
Hector Bellerin £1,000 £52,000
Kristoffer Olsso £1,000 £52,000
Kyle Bartley £1,000 £52,000
Wellington £1,000 £52,000
James Shea £1,000 £52,000
Pedro Botelho £1,000 £52,000
Samuel Galindo £1,000 £52,000
Arsène Wenger £135,000 £7,020,000
Pat Rice £30,000 £1,560,000
Boro Primorac £30,000 £1,560,000
Gerry Peyton £10,000 £520,000
Neil Banfield £10,000 £520,000
Tony Colbert £10,000 £520,000
Colin Lewin £10,000 £520,000
Gary O'Driscoll £10,000 £520,000
David Wales £10,000 £520,000
Simon Harland £5,000 £260,000
Kieran Hunt £5,000 £260,000
Darren Page £5,000 £260,000
Vic Akers £5,000 £260,000
Paul Akers £5,000 £260,000
Paul Johnson £5,000 £260,000
Tony Roberts £5,000 £260,000
Marcus Svensson £5,000 £260,000
Danny Flitter £5,000 £260,000
James Collins £5,000 £260,000
Ben Knapper £5,000 £260,000
Steve Bould £20,000 £1,040,000
Liam Brady £20,000 £1,040,000
David Court £5,000 £260,000
Roy Massey £5,000 £260,000
Steve Gatting £5,000 £260,000
Lee Smelt £5,000 £260,000
Carl Laraman £5,000 £260,000
Steve Leonard £5,000 £260,000
Craig Gant £5,000 £260,000
Dennis Rockall £5,000 £260,000
Richard Goddard £5,000 £260,000
Alastair Thrush £5,000 £260,000
Stanley Kroenke £25,000 £1,300,000
Ivan Gazidis £18,000 £936,000
Peter Hill-Wood £1,500 £78,000
Ken Friar OBE £1,500 £78,000
Sir Chips Keswick £500 £26,000
Lord Harris of Peckham £500 £26,000
Wages £300,000 £15,600,000
Total £2,499,000 £129,948,000


My opinion is that the chief problem with the club has nothing to do with the amount of money spent, but rather who it's been spent on. The key word is, WASTAGE.

Take the following 15 players, all of which have completely failed to live up to expectations: Arshavin, Walcott, Almunia, Squillaci, Rosicky, Bendtner, Chamakh, Diaby, Denilson, Djourou, Fabianski, Traore, Park, Gibbs, Mannone. 

Add up the wage expenditure of that lot from between the 1-5 years of their employment at Arsenal and you will find £184,000,000 has been thrown down the toilet and another £46,300,000 blown on transfer fees. Have they really been worth £230,300,000 of your money dear Gooner?

Club denying Wenger funds? Or is it ALL down to Wenger losing the plot and paying silly money/ludicrous wages for his ego trip - better know as "project youth" - and average players imbibed with bad tactics that he can no longer motivate or improve? 


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