Gazidis: Wenger will have money to bolster defence
Wednesday 12 May 2010
The Arsenal chief executive, Ivan Gazidis, has insisted a takeover of the club is not imminent and the club's manager, Arsène Wenger, will have funds to spend in the summer.
Wenger is set to strengthen his squad with at least three players and Gazidis is keen to point out that cash will be there when the Frenchman requires it.
"Arsène has done a terrific job in managing responsibly through a period of dramatic change for the club and the English game," Gazidis said. "Arsenal have not had access to the deep pockets of a wealthy investor and we have focused on a path of independence underpinned by a sustainable business model for long-term success.
"With Highbury Square coming to completion and some of our other property developments bearing fruit, we're coming to a period where the financial health of the club is secure.
"One or two players are coming to the end of their contracts; William Gallas, for example. Whatever happens, Arsène has identified the fact the defence has been an issue for us this year so it's not difficult to imagine that that's an area we're focused on in this transfer window."
Gazidis also insisted a takeover was not in the offing despite Stan Kroenke now being able to save £87m on any bid. Takeover rules dictate that once the 30 per cent threshold is reached, a formal offer for all remaining shares must be made at the highest price paid in the previous 12 months. That figure was £10,500 each after Kroenke bought shares in May 2009 but that anniversary has passed and the figure is down to £8,500.
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