The Club clearly have a cashflow squeeze before the new stadium revenues flow (hopefully!)

Yes, the recent £260m refinancing will considerably lower the annual debt and interest payments we have to make compared to what we would have had to under the old loan BUT so far no principal or interest had actually been paid on the old loan. This is because all interest was being capitalised (added to the loan total) and the Club had a repayment holiday for the duration of the construction period.

The terms and conditions of the new £260m loan are very restrictive and it seems to me that all this transfer window fiasco has been related to lack of cash as well as the inevitable individual egos of some of the protagonists. Arsene Wenger let the cat out of the bag when he said we had to sell before we could buy.

Under the new loan the Club has to make a principal repayment once a year in September (this month!) and pays interest on the £210m fixed loan twice a year in Sept and March and quarterly on the £50m FRN (the amount of the total loan subject to a varying interest rate) in Sept, Dec, Mar and June.

This transfer window poses more questions about the true state of Arsenal's current finances and we will never really know why due to lack of information. This is where the Arsenal Supporters Trust can add value to the wider shareholder and supporter base in my view.

For more information about the Arsenal Supporters Trust, visit www.arsenaltrust.org