As most Arsenal fans will be aware by now – there is a new majority shareholder. However, Stan Kroenke is not a new name, because he has been involved for some time steadily increasing his shareholding. Kroenke has made a mandatory offer for a total buyout – but a total buyout seems unlikely for the time being. However, Kroenke now has around 63% of the shareholding and it will be interesting to see how this changes the day to day running of the club and in particular Arsene Wenger’s transfer policy.
There is the suggestion in the media that Stan Kroenke has concerns that Arsene Wenger has too much power at Arsenal. Despite fresh money coming in Wenger seems determined to stick to his principles. Wenger said in Friday’s press conference “We will continue to run the club like it has been done until now – that means live within our resources and develop our football team.”
The obvious question, is Arsene Wenger still acting in the best interests of Arsenal Football Club? In some ways Wenger’s principles are to be applauded, because successful sides are usually grown and developed over time rather than bought. However, to some extent Arsenal must look at what their rivals are doing. Manchester City, Chelsea and Manchester United are all likely to embark on significant summer spending sprees. There is a real danger of Arsenal being left behind and fighting it out for 4th or 5th place next season.
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So why is Arsene Wenger so reluctant to spend money? The best explanation is that he seems he doesn’t trust himself to get it right with big money signings. Wenger has a better record from bargain buys than big money signings. Also he clearly likes to take on projects and develop players rather than just buy the finished product.
But my gut reaction is that Arsenal will need to make some significant movements in the transfer market to continue to compete. Wenger does not need to totally change his transfer policy – just be a little bit more flexible about it. It’s fine to continue to develop players – but also bring in some top quality signings to add to the group. Arsenal have a turnover of around £380m and made a pre tax profit if £56m (FT). So surely there is no excuse now with the backing of Kroenke not to spend big in the summer!
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