i am gun king

Chapter 293 A heavy burden

But it is still very difficult for Arsenal, and now Li Yuxin is working with Christian Wu's economic people and they showed Li Yuxin a document:
Obviously, with the acquisition of bank loans, the completion of the Emirates Stadium, the development of Highbury Square Apartments and the year-on-year increase in profits, the total assets of the Gunners have increased steadily in recent years.As the total assets slowed down after the 0708 season because the financing amount was sufficient for the club’s projects under construction, this number stayed at 0708 million from the 0809 season to the end of the 8 season. This is very large for a football club. That’s why some wealth lists ranked Arsenal third after Manchester United and Real Madrid. From another perspective, if Arsenal had no plan to build a stadium and did not have a large amount of debt, then it is certain that Arsenal would not rank so high.To ask the actual value of a club, the total assets are an important parameter, but the actual value is not equal to the transaction value. As Wenger said, due to some intangible factors, the transfer price of a player originally worth 3 million is usually 500 million or even higher.The same holds true if the club is traded as if it were a player.

Attentive fans will notice that since the 0607 season, Arsenal's current liabilities + long-term liabilities, that is, the total liabilities have been as high as about 6 million pounds. Is this figure wrong? Arsenal owes so much money?This is true, whether it is calculated from the original data on Arsenal's balance sheet or the first accounting equation of assets = liabilities + owner's equity, Arsenal's total liabilities are indeed reflected in the data.Here is an indicator to measure the health of the financial situation is the asset-liability ratio. From the data, it can be seen that Arsenal’s asset-liability ratio in the past five seasons has been between 5% and 72%. Taking the 78 season as an example, Arsenal’s asset-liability ratio is: (current liabilities 0809+long-term liabilities 314096)/total assets 292748×833409%=100%.Countries with different asset-liability ratios have different views. China generally believes that the ideal asset-liability ratio is after 73%, while European and American capital countries believe that the ideal asset-liability ratio is around 40%.Arsenal's high debt ratio of more than 60% shows that the club's operating policy is not as conservative as people think.

这里有一点需要加以区分的是，真正衡量一家俱乐部的负债指标不是流动负债+长期负债后的总负债，而是净负债（长短期银行贷款+长短期债券-本期银行存款-本期现金）。这不，前段时间希尔伍德不是又出来兴高采烈地透露这个赛季后阿森纳的净负债只有2亿英镑了吗（09年5月31日为2。97亿）。相比于曼联的7。16亿净负债和尚未兴建球场的利物浦的2。37亿净负债，阿森纳看上去真是可喜可贺。

But there is a more important point, that is the current liabilities in the data (debts to be repaid within one year).The two major sources of Arsenal's current liabilities are bank loans (1 billion in 0809, mainly short-term loans for the construction of Highbury Square apartments) and deferred income (1 billion in 29172, mainly unrecovered installments for sold real estate projects).Among the current liabilities, other current liabilities such as accounts payable and social security benefits are often accumulated and rolled down. This is just an indicator and does not have much practical significance. It does not mean that Arsenal must repay the current liabilities as high as 0809 billion on the 1 form within one year.Generally speaking, as long as the continuous operation can be guaranteed to have considerable or more current assets, then there is no need to worry too much about the repayment of current liabilities, unless one day the club announces that our apartments will not be sold and will wait for decades to appreciate in value, or the properties we are still under construction are not built halfway, making them unfinished. This is impossible.

The current ratio is an indicator to measure a company's short-term solvency. However, let's calculate Arsenal's current ratio: Taking the 0809 season as an example, current assets 323864/current liabilities 314096=1. Generally speaking, a normal current ratio should be maintained at around 03:2, but Arsenal is only close to 1:1. Although this indicates that the club is in a period of rapid growth, it also shows that it is facing considerable short-term debt repayment pressure.In fact, it is the mandatory debts that really pose the real pressure on the company to repay its debts (Arsenal is mainly the principal and interest of short-term bank loans). It is precisely because of the huge amount of mandatory current liabilities that Arsenal needs to repay in a short period of time (although it is not as terrifying as the total current liabilities of more than 1 million, the short-term bank loans of 3 million are still real. Due to insufficient funds when due, the club usually raises new debts to replace old debts. The financial situation has caused considerable pressure, resulting in the need to spend a lot of money every year to repay current debts and pennies on player transfer funds. This is the main reason why Arsenal's transfer market is sluggish.However, the bulk of Arsenal's current liabilities are short-term bank loans and deferred income, all of which come from Highbury Square apartments, so real estate is not harmful.Cash determines purchasing power. In fact, Arsenal has a lot of cash after the end of each financial year. The two seasons of 1 and 2 were as high as 2000 million pounds. However, the transfer budget allocated to Wenger is not much, because most of it is used to repay short-term debts and pay various expenses.So you want the club to spend a lot of money to buy people?Sell ​​out all Highbury Square and recover all the house purchase money first.Therefore, I don't expect Arsenal to spend 3000 million or even 0708 million in single-season transfers in the past three years.

Moreover, Arsenal still need to sell people to control their salary in the transfer market. Although the total salary is not low, it is not high on individuals. Next, they really need to save money. Although their situation is much better now than in history, so many debts are real. The broadcast fee income of nearly 300 million is too much... But compared with the debt of nearly 06 million, this money is still a drop in the bucket.And Li Yuxin remembers: In his previous life, if he wanted to choose the most profitable club in Europe, Arsenal would definitely be one of the candidates.According to Arsenal's annual financial reports for the past five years, their ability to make money is impressive despite their good performance.

In 2006, Arsenal's pre-tax profit was 1370 million pounds.After just one year, the Gunners' pre-tax profit reached 5120 million pounds, and operating profit increased by 274%.It should be noted that this is the first season that the Emirates Stadium has been in use, and the matchday revenue was 9060 million pounds, which is equivalent to 310 million pounds per game. Compared with the 4410 million pounds at Highbury in the previous year, it has almost doubled.

In 2008, although Arsenal's profit was less than in 2007, it still reached 3670 million pounds before tax.According to The Times, Arsenal was already the third most profitable club in the world at the time.By 2009, Arsenal continued to make money, with a pre-tax profit of 4550 million pounds.According to reports, the reason why Arsenal's profits soared this year was related to the development of the "Highbury Square" real estate project. They sold 208 private houses this year.

If you thought Arsenal's earning power had peaked, you'd be wrong. The 2010 Arsenal annual financial report shows that their annual total operating income was 3 million pounds, and the pre-tax profit was as high as 799 million pounds. Both of these data set a new high in the group's financial records. The sales of "Highbury Square" also continued to show momentum, with the annual turnover of 5600 sets, 362 sets more than in 2009.It is worth mentioning that in 154, when Manchester United sold Ronaldo for 2009 million euros, the pre-tax profit was only 9400 million pounds.

In fact, in addition to making money, Arsenal's performance in the past five years is not bad. In 5, 2006 and 2007, they were fourth in the Premier League, and in 2009 and 2008, they were third in the Premier League.

The championship does not represent the benefit, Real Madrid's 4 million revenue and profit are only half of the Gunners

Arsenal have not won a league title in the past five years, but they have good economic benefits.This is almost unimaginable for other wealthy clubs, because teams like Chelsea and Inter Milan, even if they win the championship, their money-making ability is hard to be praised.In other words, good grades do not mean good benefits.

According to Deloitte data, when Chelsea won the championship in the 2004-2005 season, their annual income of 2 million euros was only ranked fifth in the European income list. However, their transfer investment that year reached 21 million euros.In the following year, they continued to win the championship, and their annual revenue reached 1 million euros, but their ranking dropped by one place, only ranking sixth. When Chelsea won the championship in the 4-1 season, Chelsea's income was 2 million euros, ranking only sixth.However, their wages this season have already reached 83 million euros, plus more than 2009 million euros in transfer investment and other expenses, it goes without saying how much surplus they can have.
Look at Inter Milan again. Although they have achieved five consecutive championships in Serie A, their annual income is very bleak. In the 2005-2006 season, their annual income was 1 million euros and ranked seventh. After removing the 88 million euros in the 2006-2007 season, they dropped to ninth. In the 1-77 season, 2007 million euros fell to tenth. In the 2008-1 season, Inter Milan achieved the Triple Crown, and their income also increased significantly to 73 million euros, but the ranking is still ninth. "Gazzetta dello Sport" once had a statistic. In the 2008-2009 season, Inter Milan invested 1 million euros. In the 97-2009 season, Moratti spent 2010 million euros. In the 2-25 season, Moratti spent another 2007 million euros. Counting the salary expenditure of more than 2008 million euros per year, they have a little surplus in the Triple Crown season, and they can't make ends meet in other seasons.

In fact, not only teams like Chelsea and Inter Milan are not as profitable as Arsenal, but even Real Madrid, which ranks first on the Deloitte revenue list, had less than half of Arsenal's pre-tax profit in 2010.Real Madrid's total income in 2010 was 4 million euros, making it the team with the highest annual income in the world, but their pre-tax profit was only 39 million euros.

From the perspective of annual income statistics, the annual income of the major giants is mainly composed of three major parts: match days, broadcasting, and business development. In 2010, Arsenal's match day revenue was 1 million euros, broadcast revenue was 147 million euros, and commercial development was 1 million euros.Compared with the top five teams in the annual income list, Arsenal's income in these three items is not an advantage, but why can they have more annual pre-tax profits than many teams?This has to mention Wenger's unique way of making money.

In his previous life, Wenger said in an interview with "Sky Sports", "Arsenal is by no means a club that makes money by selling stars." As the professor said, selling stars is not Arsenal's main source of income, but Wenger's insistence on player training policy not only saves the club's transfer costs, but also increases transfer income to a certain extent.

This is a young Arsenal. The average age of the team's lineup is often unimaginably low. In a UEFA Champions League game at the end of 2009, the average age of the Gunners' 18-man roster was only 20 years old, setting a record for the lowest average age in the UEFA Champions League.Many of these players were developed by Wenger and his scouting team after buying cheap in other leagues.For example, goalkeeper Szesny, his transfer fee to join Arsenal was almost negligible.Another example is the team captain Cesc Fabregas. When Wenger dug him from Barcelona, ​​he only paid Barcelona 3 euros in compensation. Now, Fabregas is worth more than 70 million euros.Wilshere, who won the best rookie this year, is also a young man trained by Arsenal himself.

Of course, although Wenger does not admit that Arsenal make money by selling stars, they do make a lot of money in this regard.For example, when Henry joined Arsenal from Juventus, Wenger spent 1400 million pounds, but when he sold to Barcelona, ​​the Spanish team paid 2100 million pounds.Another example is Adebayor. Wenger bought him for only 880 million pounds, while Manchester City paid 2500 million pounds for him.What's even more amazing is Toure. Arsenal introduced him with zero transfer fee, and finally sold him for a full 1600 million pounds.

Wenger is thrifty and addicted to investing only 5/1 of Chelsea in 3 years
Wenger doesn't have a boss like Abramovich or Moratti, so he can't get the pleasure of wanton buying in the transfer market.However, Wenger is a coach who reassures all bosses. Not only does he not waste money in the transfer market, but he always saves glory for the sake of his club.

The Premier League has burned a lot of money in recent years, especially Chelsea and Manchester City. They have each led the way for two or three years. In the 2005-2006 season, Chelsea spent 8000 million pounds to buy players. Although Arsenal also invested 4000 million pounds, they sold them for 2200 million pounds, so the net investment was only 1800 million pounds, which was even less than Everton. In the 2006-2007 season, Arsenal became the only team among the four giants whose investment was less than their output. They spent 1300 million to buy people and sold them to earn 1400 million.In contrast to Chelsea and Manchester United, the former spent another 8000 million, and the latter also invested 2400 million. Even Liverpool spent 4200 million to buy people.In the following summer, Wenger's performance was even more amazing. Manchester United invested 9000 million, Chelsea invested 5000 million, Liverpool 7000 million, Arsenal also spent a rare 2600 million, but in the end, their transfer profit was as high as 2400 million!
According to statistics, in the past five years, Chelsea has invested 5 million pounds in the transfer market, Manchester United has invested 3 million pounds, and what is even more terrifying is Manchester City. After Mansour entered the city stadium, they spent more than 2 million pounds within two years.In the tide of burning money, Arsenal did not follow suit. In the past five years, Wenger has been frugal in the transfer market, spending a total of only 3 million pounds.In other words, compared with Chelsea, Wenger saved the team 5 million pounds, compared with Manchester United, Wenger saved the team 1 million pounds, and compared with Manchester City, Wenger saved even more.You know, this is just a savings in transfer expenses.

In addition to being considerate of the club in the transfer market, Wenger has also done a good job of balancing the team's salary system. When renewing contracts with many players, Wenger will intervene in it. Those players who want to ask for high salaries will basically be kicked out.This season, Chelsea's salary is as high as 1 million pounds, Manchester City's salary is 72 million pounds, Manchester United also reached 1 million pounds, and Arsenal ranked fourth with 33 million pounds.

　Another update today, mainly because the financial data is too complicated

　　
　
(End of this chapter)