In a desperate attempt to convince the markets of their continued solvency, Arsenal have released their latest set of accounts and they make bad reading. Think “Bear Stearns”. Think “Lehmans”. Figures showing that Arsenal’s revenue is now third largest in the world in terms of football clubs while continuing to make profits both pre and post tax, further highlight how Arsenal have got it so wrong.

Of course, this is something I have been saying for years. As I made clear when I wrote for the Daily Telegraph, Arsenal would never get planning permission for the Emirates project. Nor would they find banks to provide the project finance. History has proved me correct in my assessment that they wouldn’t complete the stadium on time. They further compounded this series of calamitous and entirely foreseeable errors by fixing the interest rate on the debt just before global rates began to rise and the credit crunch made borrowing by football clubs almost impossible. It for such foresight and wisdom over an extended period that I have earned the role of BBC sports editor. And never fear, dear reader, I will continue to bring clarity and judgement to the world of sports.

I will continue not to let the facts get in the way writing of a piece of speculative rubbish entirely in keeping with everything else I have ever written. Nor will I let the fact that Arsenal chose not to speak to me about their results but published them via their website, unjustly preventing me from claiming a scoop, in any way colour my judgement. Self important? Moi?

Further, my sources, (which is in no way a euphemism for unsubstantiated guesswork or downright lies, oh no) tell me that if Arsenal carry on the way they’re going, there are genuine doubts they will ever recapture the pre-eminence they once held in North London. Of course, it must be mightily galling to see how their local rivals have usurped them over the last few years. While Arsenal have been struggling to build a stadium, they have clearly taken their eyes off the ball, and allowed Tottenham to steal a number of their main transfer targets. It is well known that Wenger has long been an admirer of Darren Bent and Younes Kaboul while my sources inform me that he was absolutely livid to have missed out on the signing of top England star David Bentley, for which Arsenal received a cursory £5m on top of the original transfer fee for selling the player. All this is further evidence that Wenger is a one-trick pony and that the real work was carried out by living legend Damien Comolli, who used to work for Wenger but has now realised his own worth and transferred his awesome talent spotting machine to their bitter rivals.

The question uppermost in all Arsenal fans minds this morning must be: How can Arsenal hope to survive in an increasingly competitive footballing world with mismanagement on this scale?

(Thanks to Clock End Gooner for this one)