state.
‘The Arsenal board will meet next week to hear from
Rothschild, their advisers, as to whether banks will lend
them the money to build the new stadium at Ashburton Grove.
‘This is the second time Arsenal have gone to the City to
raise the money they need for the £400 million project.
‘The new proposal is somewhat different. Last time round,
Arsenal were asking banks to lend £317 million of the £400
million required.
‘Now, the seven-year deal they recently signed with Nike to
be the official kit supplier - which is worth £55 million
and which Nike will pay in advance by 2006 - means Arsenal
will only need to borrow around £260 million.
‘Wenger was supposed to have had a £10 million transfer
budget this summer financed by bonds sold to supporters.
This has not happened and the money has clearly gone to the
stadium, spending on which stands at about £80 million of
which Rothschild have so far earned around £300,000.
‘We shall know a bit more when Arsenal's accounts, which
normally come out by now, finally emerge in October. These
could show debts, which were £42 million in November, rise
to nearer £70million, adding to the uncertainty about the
stadium.’