Debt is a fact of life for football clubs, but how damaging will it become?
“We obviously can’t compete with the money Manchester City have so there’s no point trying. We’ve got to succeed some other way.” So said a Premier League chairman in late September. But this wasn’t a pragmatic view from someone at a club that would be happy with a mid-table finish. It was Arsenal’s Peter Hill-Wood, whose comments were reported on the day that his team went top after a win at Bolton. The Arsenal board are bucking the current trend by actively discouraging interest from outside investors, in their case Alisher Usmanov from Uzbekistan, who owns a 24 per cent stake in the club.


