Summary from AST meeting

[Kano]

Nigel Philips, the AST's finance guru

- We sell to buy in the next three years unless we pay more for our tickets and/or perform better in the league or Champions League (finish higher/go further) because of our commercial deals aren't of the level of MUFC.
- Failing to qualify for the group stages of the Champions League could cost the club £25m.
- The Transfer Proceeds Account has roughly £30m in it and this has to be spent on signing new players and uplifting the contracts of current members of the squad.
- If we sold some of the younger players who aren't going to make it at the club, we'd be able to spend our cash better.
- Arsenal's wages are spread throughout the squad and there aren't the incentives for younger players to try to get a higher wage through performance as there are at other clubs.
- Arsenal pay Aaron Ramsey three times as much MUFC offered him. They offered him a junior contract but AFC offered him a first team player's contract on day one.
- Season tickets for next season are sold out.
- Just year one in four people took up the option of a season ticket offered to them from the waiting list.
- Club Level sold out early June.
- Queensland Road property deal has been completed and will raise the club £25m.
- Red & White are 400 shares short of 30%. There are only 2,800 shares not owned by Kroenke or R&W.
- If R&W reach 30% they can have access to the books and can reveal details about player's contracts, wages, club cost etc.
- Arsenal no longer have a board. Members of the current board - apart from Kroenke - have no more share holdings than members of the AST and Fanshare.
- Current board are understood to have a committment from KSE to keep their positions for a year following the takeover.
- Gazidis was interviewed by Wenger for his job. Doesn't have the same dynamic as other PL CEOs with their manager.
- The threat from the American owners is to lose relegation.
- Emirates Cup is unsustainable and it will probably be the last one this season.
- Asia Tour will be making the club a small profit.

The board of Arsenal Fanshare stopped purchasing shares during the takeover period but now have found some supporters who are willing to see to Fanshare rather than take the cash of Usmanov or Kroenke.

Apparently we only have £30 in something called a Transfer Proceeds Account. Tim Payton adds:

Speaking at last night's Arsenal Supporters Trust meeting, Payton said:

"You've got a manager where the short term matters like it never used to. So he might be just focused on the strongest squad he's got for next year.

"If Arsenal let Nasri sit there for one more year on that contract without signing a new one as the manager indicated he was fine with today, that's actually like paying Nasri £20m to play his last year.

"When he leaves for the bigger contract at the end of the year, that's inevitible, you need that kind of money to get that level of replacement in.

"So you could actually say that Nasri staying, that the TPA used up this year. You won't see any other signings coming in.

"That's the kind of constant thing Ivan (Gazidis) is having to weigh up. And at times at most football clubs board would be against manager.

"Do you think Harry Redknapp thinks about the long term future of Tottenham? All he thinks about is now, now, now.

"For a long time Arsene Wenger - some people might say - has become too much like a director, thinking always about the long term spending. But he's under a different pressure now.

"Is his desire to keep Nasri for one more year driven by the fact he knows how important that year is for him?"