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SBD/July 6, 2012/Franchises
EPL Club Arsenal Shareholders Blast Majority Owner Kroenke In Open Letter
Published July 6, 2012
SELF-SUFFICIENT? The GUARDIAN's David Conn writes, "The 'self-financing model' has been so sung by Arsenal in praise of their approach that it was presented as a beacon of good practice to the parliamentary select committee examining football's unholy relationship with money last year." Arsenal have "for years prescribed that the club must live from its income, and no director or owner must put a penny into the club" (GUARDIAN, 7/6). The FINANCIAL TIMES' Christopher Thompson reports Usmanov in the letter also "lambasted management for allegedly giving the impression to Arsenal supporters that his investment company, Red & White, was in 'some bitter stand-off' with the board" (FINANCIAL TIMES, 7/6).