Report on AFC Plc Annual General Meeting - 26.9.02

Last updated : 27 September 2002 By Graeme Baird
Specific points arising at the meeting were as follows:-

1. The board have retained Rothschild's to consider and advise on options for funding the stadium. No advice has yet been formalised. No particular funding option has been ruled in. Equally, none have been ruled out. The board remain confident that the company will be able to afford the stadium.

2. One shareholder asked whether there is going to be a rights issue. The chairman said this is not on the agenda at the moment. Another shareholder cautioned the board against “going public like Manchester United”. The chairman said there are no plans to alter the existing shareholding structure, but all options are open.

3. The project remains within budget. The cost is currently estimated at £300m. That represents £150m for the stadium itself and another £150m on infrastructure and other developments.

4. A questioner asked whether 30 disputed compulsory purchases represent a hazard to the development, or the timetable. The chairman said that up to 20 of these are expected to be settled shortly & he did not expect these issues to have an adverse impact.

5. In re-allocating existing season ticket holders will the board take care to preserve existing seating groupings, in order to preserve the same atmosphere as in the old stadium? The board noted the point; no plans have yet been made about how seats will be allocated.

6. Has proper consideration been given to ventilation and drainage of the pitch so we don't get the problems that many other new stadiums have experienced? Same question as last year, but interestingly a different answer this time. Ken Friar conceded that the new pitch is not going to be as good as the current one but the club are doing everything possible to ensure that such problems are “eased” as much as possible. A specific working group is looking at this aspect. The current ground staff are part of that group, as is Arsene Wenger.

7. Will the traditions of the club be represented in the name of the new stadium and will fans be consulted, unlike with the introduction of the new crest? Chairman confirmed that fans will be consulted this time.

8. What is happening with the Granada partnership? Has the club limited its chances of emulating Manchester United's marketing strategy by selling the media rights cheaply and for short term gain? Has the board effectively sold the family silver? The chairman stated that the board are happy with the relationship with Granada. It will take time to be seen to be working but in the board's view it is working and is to the benefit of the club.

A presentation about the new stadium was given by the architects with a slideshow of designs and sketches of the new stadium development. Most of these images are already in the public domain through the planning application. Some sketches of internal details, such as lounge areas and executive box arrangements, appeared to be new.

Also new was a graphic comparing the elevation of the planned seating arrangements with that at Millennium stadium in Cardiff. The architects say that the viewing experience at the new stadium will be very similar to Cardiff. The seat elevations were superimposed upon one another and they are nearly the same.
Arsene Wenger was invited to address the meeting. He rose to a standing ovation. He made a short ex tempore speech including the following points:-

1. He said it was a pleasure to attend the AGM because he gets few opportunities to communicate with the fans.

2. He thanked the fans for their support; it represents a big and important contribution to the success of the team.

3. He paid tribute to Tony Adams and Lee Dixon and said how important it is to instil the spirit which they had as players into the entire team.

4. He thanked his backroom staff and also thanked the board for backing him always.

5. He said he has a “special” set of players. They have reacted well to being runners up by becoming winners.

6. Where does the team go from here? We want to be a dominant force, not just to win one year but true champions win every year.

7. He said he has a vision for the club in its new stadium. It will not be easy and will put the club in a little bit of “financial trouble” or “struggle” but we want the club to be the strongest. Our hearts may say stay at Highbury but our heads say the club must move.

8. Winning trophies is a consequence of a set of shared values. Values about the way to play the game and the way to behave, values which are above just winning games.

9. As the club develops the new stadium the team may not win every game as they have been doing recently. At these times it is SO important that the fans keep supporting the team. It has been sometimes quiet in recent games. The fans appear to be waiting for the team to score. He urged all Arsenal fans to keep supporting the team and hopefully this time next year we will all be proud of our work together.