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This month’s 25-year retrospective takes on the thorny issue of ownership at three contrasting clubs. Mike Ticher begins with Chelsea, unrecognisable from 1986 but difficult to love for very different reasons

In about 1996 I interviewed a pleasant man in a suit from Deloitte & Touche about its work on the finances of football clubs. He patiently took me through one of their early annual surveys, explaining why the industry was unsustainable. If clubs could not rein in players’ wages, there would be a disastrous crash within years.

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A change in the Arsenal boardroom does not necessarily dictate a change in the club’s direction. Jon Spurling tells all

Last month, Stan Kroenke added Arsenal FC to his extensive portfolio of sports clubs. As usual, “Silent Stan” avoided saying anything of consequence to the media about the development, while in marked contrast to the noise surrounding the “Russian Revolution” at Chelsea in 2003, or John W Henry’s takeover at Liverpool earlier this year, the announcement that Kroenke had become majority shareholder at Arsenal warranted comparatively little media hype. Then again, Kroenke has been steadily increasing his percentage of shares at the club since 2007, while, in media terms, an American taking over a Premier League football club is relatively old hat. It is also the case that Kroenke, much like Villa owner Randy Lerner, has remained resolutely “hands-off” with his sporting investments, preferring to allow his executive and coaching teams to get on with their jobs.

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Dear WSC
The letter about spectators leaving games early (WSC 265) reminded me of a father and son who were regulars in the Enclosure at Fulham in the 1980s. They were quite an unappealing pair generally, prone to loud and unfunny abuse of both sets of players and especially of the match officials. The father would often attempt to get a slow handclap going when there was a stoppage in play. Without fail they would leave several minutes before the end of game, even if Fulham were on the attack and pressing for an equaliser or, more often, grimly hanging on for a draw. They’d always look immensely pleased with themselves as they edged along the terrace, as though beating the post-match rush was a major victory. They stopped appearing at games eventually so it must have occurred to them that the only guaranteed way to avoid getting stuck in traffic would be to not leave the house at all.
Rob Henderson, Cirencester

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Manchester City’s windfall is adding to the pressure on Bill Kenwright over Everton’s proposed move to Kirkby, as Mark O'Brien explains

On the closing day of the transfer window, Everton smashed their record by spending £15 million on the relatively unknown Belgian midfielder Marouane Fellaini. After a trying summer, one that Bill Kenwright described as “the worst I have ever known in the transfer market”, it should have been big news, but like just about every other move that day it was overshadowed by the events up the road.

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An English football club is now the must-have accessory for discriminating billionaires from all around the world – but does this trend make any financial sense? David Wangerin wonders if there is enough cash – and enough optimistic fans to part with it – to sustain the current booming revenues

“As a global brand,” the Independent claimed recently, “the Premiership is becoming sport’s equivalent of Coca-Cola and McDonald’s.” Can this be true? Certainly the success of fizzy-drink manufacturers and fast-food restaurants is not measured by trophies. But as the level of financial interest spreads across the globe, the league’s international reach seems to be rapidly approaching that of the junk-food leviathans. Curiously, much of this interest has not originated in traditional footballing strongholds, but in the game’s equivalent of the emerging ­markets – and America in particular.

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