Kevin Whitcher
I chatted briefly with one time Gooner contributor and these days respected Guardian and Observer writer Amy Lawrence before the 2015 Arsenal Holdings Ltd Annual General Meeting kicked off.
I suggested the line for her report might be – the Arsenal defence of old is back – in the form of the board of directors, easily rebuffing any threats from attackers. In fact, the next hour and 35 minutes saw them resemble a latter-era Arsene Wenger backline faced with a set piece… looking anything but solid and with questions over their positioning.
This meeting took me back to 2012 and the near carnage that was that year’s AGM. Because there were some unhappy shareholders in the room who were not afraid to express their discontent, specifically over the continued £3 million payment to Kroenke Sports Enterprises, the defeat to Olympiacos and the mere fact that Arsene Wenger was still in his job after a number of humiliating reverses in recent seasons.
A question about the KSE payment started things off, and chairman Sir Chips Keswick re-iterated his answer from 2014. He added that the advice had contributed to the positive evolution of the club in recent years, pointing to the upturn in revenues as a direct consequence. It would have been better just to ‘fess up really. Kroenke owns over 66% of the club, and as such has the power to dip into the coffers to take as much as he sees fit, because that, legally, is the situation as far as minds more expert than myself informed me. Then, at least there would be genuine clarity. But no, Sir Chips stuck to his guns despite shouts from the floor for him to detail what form the advice provided took. The atmosphere was, at times, hostile. And that is healthy in itself, demonstrating to the board that although they might have the power to do what they so choose, as long as they had to face the shareholders once a year, they would be reminded that people were not necessarily okay with it.
All of the board were present. Aside from the chairman, Lord Harris, Josh Kroenke, Ivan Gazidis, Stan Kroenke and Ken Friar were sat on the top table, joined by club secretary David Miles and manager Arsene Wenger. Stan Kroenke did not say anything this year, unlike on previous occasions, perhaps wary of being heckled. His hairpiece these days is a darker shade of grey, which at least looks vaguely more plausible, although still doesn’t quite go with the natural colour of his sideburns and moustache.
After the formalities of voting on Lord Harris and Ivan Gazidis back on to the committee, a couple of speeches. Ivan Gazidis filled up 20 minutes of the meeting with his report, with powerpoint slides. The vision of the club is to win trophies playing the game the way it is meant to be played, with joy and not cynicism. So that would rule out Jose Mourinho as a replacement for Arsene then. He showed us a virtuous circle diagram, with investment in the team leading to more on field success, more fans and more income, which could then be invested in the team and off we go again. ‘Investment in the team’. Something went wrong there last summer then, eh? But no, we have a “world class scouting system” according to the CEO. I attend these things for the entertainment and to watch the board, just occasionally, squirm. For clarification of anything, I wouldn’t go within 100 miles of the place. It’s a good social too. And they gave out a natty key ring with an ‘anti-tarnish silver polish cloth’. Are you telling me this key ring is actually silver? Someone who might know can tell me in the comments. “We gave been very active in the transfer market in recent seasons, as only nine of 27 in the first team squad photo were at club four years ago.” So 18 players in eight transfer windows. In other words, it may be a case of I Know What You Did Last Summer, (or actually didn’t do) but let’s move on. “We have been disciplined in our strategy being talent led and not money led. Our squad is deeper, better and stronger as a consequence.” Hmmm… once Le Coq gets injured. Theo’s goals dry up and Alexis’ body gives up on him, the truth of that statement will be tested. “Of the buys of last four years, only Lukas Podolski has left the club. We won’t spend money for the sake of it or to appease commentators. Our football vision is the most ambitious there can be. To win and to win with style. We have to be strong to win things our way.” And idealistic. Ah well, as long as the club are not actually winning anything, everyone loves us. The speech went down fairly well, but there are plenty of loyalists at these AGMs with the protesting voices dotted liberally around.
Next up, Arsene’s customary address. And as I always state he is under no obligation to attend these meetings, so fair play to him for turning up. The reality that he attends board meetings means he is effectively on the board in all but name, but anyway. “I am at the best club where I can work with my ideas with the board behind me.” And who can argue with that. No other club would have indulged him over the last nine years to the extent that Arsenal have. “We had restricted finances with the stadium move – we did it – paid off the debt and stayed in the Champions League. The first quality of the club is to be consistent. Only Real Madrid have done better than 18 years straight in the Champions League” (and er… won it four times in that period, but hey, let’s not let actually winning the damn thing poop the party). “To remain at the top is difficult and we do not rate it enough. I would not do it again – it is so difficult.” And here’s one we were waiting for, “Since 1st January 2015, we have won more points than any other team.” Yippee. And what do we have to show for it? “We are not scared to spend the money. Success is about talent and cohesion. Players know what it means to wear the shirt in every single game. You need people that carry the values of the club through generations. Top, top class we bring from outside. Others we develop from youth. We are more motivated and committed than ever. 19 years ago I was more relaxed. Now, I know what it means for people – how sad they are when we do not do well, the responsibility on my shoulders.”
12 minutes’ worth of this sort of stuff, and warmly applauded at the end. Then, some pre-submitted questions were summarized by secretary David Miles, answered by Sir Chips or Ivan Gazidis.
Here are some bullet points…
* Ticket prices have, in real terms fallen 20% since stadium move. Renewals last summer for season tickets were 97%
* Arsene is heavily involved in boardroom discussions
* Targets for the season? To win titles and trophies
* 200,000 people went on the stadium tour last year
* Regarding all the cash in the bank: ‘Compromising on quality means compromising on ambition. As we strengthen the squad, the market for improving it becomes smaller. First 20% of finding players for the squad is easier than the last 5%”
* (In response to a question about how Arsene Wenger is still in the job after a series of humiliating defeats) “Arsene is the best man to take Arsenal forward for as long as he feels inclined.” (Er, what if he went mad?)
* (In response to a question about what it takes to win the title, AW responded) “100% commitment in every game. Win the big games at home. Do not lose them away. Be lucky with injuries. Win games 1-0 that you might not deserve to. We have the ingredients, it is about doing it week in, week out.”
* (Back to the KSE £3 million payment) Sir Chips: “The best advice you can get is from people that know more about the problem than you do. I am responsible for the money management of the club and am determined that it is well spent. The answer to your question cannot be codified. As for proof of what it is worth – look at these trophies (FA Cup and Community Shield) and the accounts.”
Then it was time for questions from the floor, and a healthy line of shareholders or their proxies lined up behind the solitary mic available to the floor. An American accented man heaped praise on the board and the manager and said it was the best AGM he had ever attended. With Josh Kroenke already on the board, there is obviously now a thought to fill the audience with friends and family to provide some light relief at these gatherings.
This was like a jamboree bag of sweets – with some pointless questions and others merely making statements. As the queue dwindled with a few people quite aggressive in their questioning, lunch was beckoning and Sir Chips told the last three people waiting to ask questions to sit down as he was going to close the meeting. Why he couldn’t have allowed another five minutes is beyond me.
Someone asked if we could hear some words from Mr Kroenke. “No,” responded the chairman. As he tried to wrap the meeting up, Arsene Wenger interjected. One questioner at the mic had asked how it was possible to have three such performances as the home games against Anderlecht, Monaco and Olympiacos within 12 months and had been dismissed by Sir Chips. Wenger decided he wanted to respond by informing the questioner that Arsenal were the in top five clubs in the competition in terms of their percentage of games won. My thought on that is that if you are top seeded in the group stage for as long as Arsenal have been, then I can see how. Mind you, surely if it were a true test of the club’s achievement, it would by extension mean that every other year, they would make the semi-final stage. Flat track bullies anyone?
Anyway, Sir Chips finally wrapped up with “Thank you for the passion with which you attend – I am very grateful for it,” expressing all the sincerity of a Spurs fan congratulating Arsenal on winning anything.
Arsene Wenger stayed behind to do some autographs and selfies, as did Ivan Gazidis – although only to be grilled by unhappy shareholders over some of the answers.
Ah well, all good fun, free tea and biscuits and the chance to have your photo taken with the two trophies afterwards.
And the board know that as long as they are obliged to hold an AGM, they are going to be held to account by the shareholders verbally, even if they are ultimately powerless. It is a good exercise though, in letting them know that, at least once a year, they have to explain themselves… or at least find a way of avoiding explaining themselves.
A more detailed account of proceedings by Tim Stillman is available on the arseblog site, whilst the Guardian offers us a full transcript of Arsene Wenger’s speech.
I am now on Twitter@KevinWhitcher01.
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