Match Reaction - Arsenal 1-2 The Cavs and their ref

[I am invisible]

Don't think they did fund the purchase of Pepe though, the cost of the transfer was spread over several years, our spending last summer in total was something like 40-50 million as reported. They deferred in the hope they'd get CL football to cover the cost, doesn't look like it's happening. So basically they've probably crippled our transfer budget in the following seasons in the hope we'd get top 4.

Correct. Or at least that’s also what I’ve read. Basically, unless we’re sitting on more cash reserves than we know about, then it’s looking like a big chunk of next summer’s budget has already been spent on financing the Pepe deal, and we’re going to have to sell before we can buy* (*not necessarily a bad thing).

I do kind of agree with Mac in that I don’t think they’re the worst owners in the world because of funding. We generate more than enough to be self-sufficient, and have spent more than most in recent years - we’ve just spend it really, really badly. In that respect I think they’d be justified in expecting the people running the club to prove that they actually know how to handle a budget before giving them more money to waste.

Where I do think that they’re crappy owners is that they’re often casual and complacent to the point of negligence, and let bad situations drag on for waaaaaaaay too long before they take action. And what’s worse is they haven’t surrounded themselves with anyone who can advise them properly - at best they’ve got Raul, but who’s monitoring what he’s getting up to. This is where they really need to get their act together and freshen up the board of directors - at the moment it’s viewed as little more than a ceremonial body, when it should be providing vital insight and oversight for Stan and Josh.