Author Archives: keenosafc

Souness: Wenger a lucky man, not a football man

What a bitter, bitter man Graeme Souness is.

In a podcast with Simon jordan and Troy Deeney, he has sated that Arsene Wenger was not a football man, just a lucky man.

He goes on to claim that he inherited the “best back 4 in the world”, a “22 year old Dennis Berkgamp and Ian Wright” and got lucky that he managed in a time when “French football produced its greatest ever group of players”.

What a load of rubbish!

Now I get these days that the media these days is all about “creating viral moments”.

Driven by the rise of AFTV and the like, the likes of TalkSPORT now rely on their presenters making outlandish statements or going on rants that can then be clipped for social media in the hope it goes viral. In turn that leads to an increase in revenue.

And podcasts are like this on steroids.

The podcasting world is crammed with idiots fighting for airtime. With podcasters trying to say anything and everything in an attempt to go viral on social media. And this is why a gambling company would put Souness, Simon Jordan and Troy Deeney in a room together.

The Up Front podcast is not about providing an informative look on football by those who have spent decades in the game. It is all about creating viral moments that lead viewers to setting up a betting account.

Souness clearly has a grudge against Wenger. And this comes out later in his rant when he explains that Wenger was the “only manager that ever” came into his office after game and how after a game, he would go to Wenger’s office and Arsene would “never be there”. Jordan is probably spot on when he says “maybe he didn’t like you”.

As for the statement, I always laugh at the back 5 statement.

Yes, Seaman, Dixon, Adams, Keown and Winterburn were a fantastic defence, but Wenger made them better. But each one of those has spoken about Wenger and what he did for his careers. They all credit Wenger and his new fitness regime with letting them pay on so long.

As for his comments about Bergkamp and Wright….

The Dutchmen was 26 when he joined us. He had struggled for consistent form since leaving Ajax for Inter Milan at 24. In 1997, under Arsene Wenger and aged 28, he was named the 3rd greatest football on earth by FIFA.

Meanwhile, Ian Wright was on the decline. He lasted one season under Wenger as a starter before losing his spot to a teenage Nicolas Anelka. Was that lucky?

Wenger built an invincible team. His back four contained a Cameroonian midfielder signed from a mid-table Spanish team and an Ivorian midfielder/winger who had never played centre back, signed for £150k.

In midfield it was a Frenchman who was sitting on Milan’s bench, an unknown Brazilian playing in Brazil, a Swedish fella with red hair and a soft Frenchman who every pundit said di not have the heart to make an impact in the Premier League.

Up top was a former wonderkid winger who was found sitting on the bench at Juventus, An ageing Bergkamp. A Kanu. A player no one else would touch due to heart and knee issues.

Souness is attempting to re-write history with his slander.

I would rather listen to what Ray Parlour, Lee Dixon, Thierry Henry et al say on Wenger (Adams has become bitter in his later years due to being snubbed for a job. What he says these days is very different to what he wrote in his 1998 autobiography Addicted).

Souness is clearly a very unhappy man. Or is just peddling extreme views at the request of a betting company to get clips going viral. And if it is the later I guess I have fed the beast with this blog!

A final thought.

Arsene Wenger signed George Weah. He was discovered playing for Tonnerre Yaoundé in Cameroon. He would go on to win the Ballon D’or.

Greame Souness signed Ali Dia. He had never played a professional game of football before. He was signed following someone calling Souness and telling him Dia was Weah’s cousin. It is considered the worst transfer in Premier League history.

Keenos

Arsenal have “zero PSR concerns” despite Man City judgement

The biggest side-story to come out of the Manchester City judgment is how “Premier League clubs with high levels of borrowing are now in danger of breaching Profitability and Sustainability Rules.”

Arsenal have been made the poster boy of the statement, with many journalists going onto point out that we “have borrowed more than £200m made up entirely of shareholder loans.”

The insinuation is then that we have found a loophole within the rules to find our rise back to title challengers, and that we are hypocrites for our stance against Manchester City. But this is not true, and to tell the story, we need to go back to where it begun.

The stadium build

As with every club that builds a new stadium we required bank loans to do so.

In 2007, we refinanced these into a new series of loans and bonds, spreading the debt over the next 25ish years. At the time the Bank of England base rate was 5%, and our average bond interest rate was 5.14%.

2020 refinancing

In the late 00s and early 20s, borrowing was dirt cheap. The Bank of Interest base rate went to as low as 0.1%. And then Covid hit which had many experts predicting interest would sharply rise (and it did). KSE then took the chance to refinance our debt.

KSE took a loan out themselves, and in turn loaned Arsenal the money to pay off the existing loan from the stadium including early repayment charges. The net gain was that whilst Arsenal would owe more money due to having to pay the charges, our total to be repaid, including interest, would drop.

Refinancing is a common practise in both business and life. Why pay more for interest than you have to? It is like changing mortgage provider to get on a lower rate.

Lower rates were available on the market that we were paying, so KSE decided to reduce what the club would pay, even though it meant increasing out total debt.

But is it Fair Market Value

A tagline to come out of the Manchester City case is “Fair Market Value (FMV)”. And I agree with City that shareholder loans should also be at FMV.

No more zero percent loans like what both Manchester City and Chelsea have benefited from in the past. Shareholder loans should be provided at a FMV rate. And there is zero evidence that Arsenal’s loans are not at FMV:

To establish what FMV is, we only need to look up the Seven Sisters Road.

Tottenham’s stadium loan is at 2.6% interest. Taking into account our Loan to Value (to use a mortgage term), will be a lot less than Tottenham, we would expect the interest rate offered to also be slightly less. And it is. So if the above is true and that we are paying around 2.4% interest, than KSE are clearly providing us with a shareholder loan at FMV.

Injecting cash to compete

A false narrative being written by opposing fans is how we have borrowed £200M of our owners so we can compete with the big boys. the irony of this is us Arsenal fans have complained for nearly two decades about the lack of investment from KSE into the club.

And this loan is not an investment into Arsenal to allows us to compete. It is a refinancing of existing date which goes back to the stadium build.

The Kroenke’s did not go out in 2020 and give us over £200m to buy players and spend on wages. The loan was to pay off the existing debt, held at 2007 interest rates, and then add new debt to the club at lower interest rates.

Debt from infrastructure costs excluded from PSR

From Day One of PSR, debt accrued from infrastructure improvements were always excluded from PSR.

Building or maintaining a football stadium comes under the ‘in the general interests of football‘ clause, which also includes the costs of running the women’s team and the academy.

It is this clause which has allowed Manchester City to massively improve the Eastlands without impacting on PSR. That has allowed Tottenham to build a new stadium. That allowed Liverpool to expand their stadium. And that will eventually allow both Newcastle United and Chelsea to build new stadiums.

If debt incurred by building or maintaining a stadium was accountable under PSR, then no club would rebuild a new stadium. Or develop their current one. Nor would they invest as much money into either women’s football (a loss-maker for every English club) or the academy. All of these would be at the detriment of English football.

So regardless of whether or not the shareholder loan from KSE is at FMV, as long as we can prove that the loan was for infrastructure then it does not nee be submitted as part of our PSR monitoring. And we can prove it was for the stadium as we can show the receipts of us receiving a loan to almost the same value as the bonds we paid off that were raised in 2007.

Zero PSR concerns

Those that are creating a narrative that Arsenal have somehow used a loophole to circumnavigate PSR, or have future PSR concerns are doing so with a lack of knowledge.

They have neither taken into account that the loan from KSE is at FMV, and that the loan relates to infrastructure improvements.

Reading social media, you would think Arsenal had been given a £200m interest free loan from KSE to buy players in 2020. But we did not. The two clubs to have been given sizable interest free shareholders loan this century are Manchester City and Chelsea.

And my final thought is that if new rules come in banning shareholder loans altogether, then they will not be bought in retrospectively. Any club currently with a shareholder loan will be able to continue operating with it without paying it off.

And the worse case scenario is we merely take out a bank loan (still at lower than the 2007 rates), pay back the KSE shareholder loan, and return to monthly payments to our new creditor. Basically using Peter to pay Paul.

For opposing fans reading this, I hope you now feel educated. Although I imagine all of you will ignore the facts and continue to with the narrative that Arsenal are in the wrong. IF you maintain that standpoint, then good luck in life. You will need it.

Keenos

Which Arsenal signing proved you wrong?

International break number two is here, and The Arsenal are sitting pretty.

Having already faced 4 of the current Top 9, Mikel Arteta’s side are only one point off Arne Slot’s Liverpool – and with the Dutchman’s side travelling to the Emirates in the second game after the international break, it could be a real statement for Arsenal to make.

Nevertheless, now it’s time for the batteries to recharge – for the fans at the very least. Another set of fixtures where the players jet off to their national sides. A frustrating time for any football fan, but also a time to ponder.

So let’s ponder today by first talking about that second half performance from Kai Havertz. That was a leader’s display once we went a goal down. A ruthless finish, some gorgeous one touch football, and the way he scrapped to keep the ball in play in the closing minutes – top class. He now matches Robin van Persie in scoring for 7 consecutive home matches, and to be in that company means he’s doing something right.

It’s no secret that not everybody was convinced by Kai being brought to the club, which leads me into my main question for the day. Which Arsenal signing or player in general proved you wrong?

Did we sign a player you were vehemently against the idea of before they produced the goods? Maybe you weren’t convinced by a particular academy graduate that then blossomed into a good player? I’m intrigued to hear responses from your guys’ decades of watching the club.

Back to the weekend and someone who has been recalled by their national side: Gabriel Martinelli. After being left in London for last months internationals, Martinelli has regained some of that form that makes him such an exciting player to watch at his best. 2 goals and 2 assists in his last three Premier League matches is the type of Gabby we all love to watch. And outside of the end product, the game at the weekend also showed Gabby looking the most aggressive and direct in his play in a while. With a packed winter schedule and Martinelli’s statistically favourite club to face in Liverpool upcoming, let’s hope he see some vintage stuff from the Brazilian.

Finally, it was a weekend for ex-Gooners that are still held remembered fondly by fans. Aaron Ramsdale made his emotional return to Emirates Stadium with his new team, while Danny Welbeck put another layer on goodwill in the supporters of his former club as he sunk Mate FC after they Spursied a 2 goal lead on the South Coast.

So which former Gunner do you remember fondly? Not an easy option like Thierry Henry and co, but a player who wasn’t necessarily world class but always displayed a level of likeability and a good attitude to be in your good books?

Counting down the days to Bournemouth, now, hey…

Nick