The Full English costs £133m

Ugh… remember that lady behind me on the flight back from London? The one who was coughing her lungs up mere inches away from my face? Well, I think I got her cold. I feel miserable today, worse than yesterday by far and yet I absolutely must go in to work today. It’s not fair to my coworkers to come in while so obviously sick but I have a Calc test today and I can’t miss that so I might as well bring my diseased ass in to work. The worst part is that this cold comes from overseas so they won’t have any immunities to it. I’m calling it the London Flu and me bringing it to work makes me “London Flu Timmy.”

Speaking of sickness, the press are making a big hoo-doo of some report that was released today claiming that FIFA’s 6+5 rule would not be illegal. It’s even prompting some reporters to make outrageous claims like

With the proposed 6+5 Fifa rule being ruled legal by the EU courts, we might have to see a return to more homegrown talent being fielded.

Let me make this absolutely clear: this is a report compiled by a FIFA hand-picked organization (INEA) which basically skimmed through the law looking for arguments that FIFA might make to the EU Court and found that while the rule is very clearly discrimination, it’s only “indirect discrimination.”

The EU ministers and the EU courts are firmly against this rule, and given that FIFA’s hand-picked report proves that this would be a form of discrimination I can’t see how they will get any ruling past the courts. No, the Bosman ruling still stands and will continue to stand. Which I think is good for football.

The INEA also repeats FIFA’s preposterous claim that having foreign players in the EPL stunts the growth of the Full English players. This argument is so prima facie ridiculous that I hardly feel the need to attack it, but let’s take a look at how it goes. Basically, they argue that foreign players “take the place of” local players in academies and thus there are supremely talented Englishmen out there who just never got a chance.

Bullshit.

Look at the youth academies of Arsenal and Man U. Both clubs have reached the finals of the Carling Cup with basically their academy sides. And though Arsenal get all the press for their academy I think this Man U class is actually better than the Arsenal class. But the important thing to look at is the fact that both of those teams have tons of English players on them.

Thus, this is far from the case that English talent isn’t being nurtured, rather that English talent is being fostered in a competitive atmosphere with the world’s most deserving players. These clubs are making English players better.

Make no mistake, the 6+5 plan will never be implemented and if it is, the Arsenal’s and Man U’s will still have the best academies, they will still produce the best talent, and the big clubs will continue to dominate the markets for these players. What would happen is that the overall level of play would be reduced significantly. All you have to do is look at Liverpool and ask yourself who should start at right wing: Pennant or Kuyt?

The second big story that fell out like the lung of a disease ridden airline passenger is that Arsenal released their mid-season financials. This year’s numbers look incredibly good: profits up £4.5m over last year, match day turnover up, television profits up, and even some profit made off the Highbury square development. The total before tax profit reported is £24.5m. That is truly an incredible number for a half season.

But there are some worrying signs; the £133m that “The Group” owe the banks for the Highbury Square development looks as if it’s come due as “The Group” are busily trying to re-finance that loan.

Moreover, whereas last year Peter Hill-Wood categorically assured supporters that the Highbury development was accounted for apart from the operations of Arsenal FC, this year he is equivocating, saying:

The financial arrangements for the group’s property activities are separate and largely operate independently from the financing of the football business.

The truth of the matter seems obscured, but I suspect that one reason Arsenal have maintained such large cash reserves (£90m before this half-season’s £24.5m profit report) is that they need the money to flood into the Highbury development should the loan come due and banks are unwilling to refinance this apparent lode stone on the club’s profits.

The other worrying aspect of the profit report is just how important being a top club is for our financial health. Television revenue, match day revenue, Champions League revenue, all are dependent upon the club competing at the top, top level.

Arsenal are certainly making money right now, but losing 4th place combined with the financial downturn and the collapse of the high end housing market could prove devastating to this club and has me a bit worried about the future for the first time as an Arsenal supporter.

We have to trust that the board will get this all ironed out. After all, they’ve not let us down so far.

All right, got to get into work and get some things started before my exam today so that’s your lot for the day.

See you tomorrow.