Arsenal AGM 2007 report

Arsenal's AGM took place today and as usual Arseblog had a roving reporter on the scene. Here's what happened.

Generally the meeting was very pro-board and anti-selling out to Usmanov. Plenty of comments from smaller shareholders about how we mustn't sell to someone so 'inappropriate', how we want to keep Arsenal Arsenal etc etc

In rough chronological order....

- The AGM commenced with issue of share ownership. PHW said the board is committed to the development and stability of the club and had entered into a new lockdown agreement with no disposal pre 2009, and after that date for two more years they have agreed they will only sell to others on the board and related parties (eg family). More from Arsenal.com here.

- Keith Edelman then gave an overview of financial progress, which obviously has already been widely covered. His basic message was AFC intends to reinvest profits and surplus cash into the team and fixed assets which strengthen the club in the long run.

He talked about 'The Emirates Effect'
- The extra revenue benefit compared to Highbury is £55.1m
- The extra costs eg staff, utilities, stewards, police, maintenance, interest (which was £12.8m) comes to a total of £20.2m
- Hence the increase in profit and cash is c. £34m
- AFC stadium turnover was more than Spurs and Newcastle's entire turnover in the previous financial year
- AFC wage bill last year was £89.7m, Man Utd's £85m and Spurs' £40.7m

KE then said AW had committed himself to the club until 2011 (sustained applause)

PHW then asked if there were any questions on the accounts. No-one stood up so he gave a story about his father who once asked for questions on the finances to which someone said "Why do you keep playing that bloody fool McCulloch at left back?" General "heh" from the floor

Fizsman and Edelman were then voted in again as directors as part of standard AGM resolutions. Both received applause.

There were then some pre-asked questions, and PHW read out prepared answers:

On tickets there are no firm assurances on price rises but they are "not intending any massive increases"

Someone asked about naming rights for the stadium and kept pressing Hill-Wood on what the board will do when the Emirates contract runs out. Eventually PHW said "They run out in 2021 and I'm not going to be standing up here then so that'll be someone else's problem"

There were some questions about what all non-board shareholders can do collectively to prevent a takeover

There also was a question on dividends. PHW said they couldn't absolutely rule out dividend payments forever... a dividend might be an option in the future if the financial position of the club and development of the team allowed it (I guess similar to what used to happen at Man Utd pre-Glazer)

After these questions came AW's presentation...

A bronze bust of AW was unveiled by Annie Wenger, made in recognition of his contribution to the club not just on the pitch, but elsewhere with stadium and London Colney etc. Cue a long standing ovation for Le Boss

These are some of his comments

"This is too big an honour"

"I've been here 11 years now... sorry we could not win every game"

"The club showed a lot of faith in me when I joined but now they cannot get rid of me"

"I have not extended my contract to see the end of the M1 roadworks but because I want to share with all the fans my vision for the team. This team has a long way to go, competition is high but it looks a promising, young team. How good you become is decided by how much you want it"

"The numbers (in the accounts) are boring to read about but they are good"

"The young English generation we have coming through is very promising, though they are too late to save the team last night (heh). We should have a good mixture with players from abroad and locally in years to come"

"You want to be the best in the world, that is what you want to achieve"

"Under pressure we have always been strong. This year we have been strong under fire in this club. I hope this quality remains at the club"

Finally at the end of the meeting as PHW was wrapping up a friend of David Dein's stood up and said he found it very disappointing DD had received no recognition at the meeting "After all without DD there would have been no AW" etc. There was a small smattering of applause. PHW apologized for the omission and said he was fully aware and appreciative of DD's contribution to the club.

That was pretty much it and everyone buggered off to have tea and biscuits next door. What kind of biscuits we just don't know.

End

©Arseblog.com 2007