Arsenal "might not have won" the Champions League in "17 consecutive years of trying, but the London football club has beaten more successful rivals" -- including ManU and Bayern Munich -- in S&P Capital IQ's Credit Football League of 44 public and private European clubs, according to Andrew Bolger of the FINANCIAL TIMES. On S&P's financial strength table, Arsenal is "pipped only by Ajax of Amsterdam on range of debt and financial performance indicators." However, while the English team "glories in the highest credit score of 'bb+,' like all the clubs studied it is deemed subinvestment grade -- or 'junk,' in debt market terms." S&P Capital IQ suggested that Arsenal's relative financial stability "may be related to its unwillingness to 'buy' success, by spending heavily on player transfers." ManU ranked fourth in the overall credit league behind Ajax, Arsenal and Scottish Premiership side Celtic. But some of the "biggest and most successful clubs in Europe -- including Barcelona, Real Madrid and Chelsea -- had to be excluded from the survey because they did not disclose sufficient financial information." In general, northern European clubs had "stronger financials and represented a lower credit risk than southern clubs." S&P explained, "Economic conditions have an impact on the size of a club’s match attendance and how much consumers spend -- this in turn has an impact on a club’s financials." Rounding out the list after ManU are Ligue 1 side St. Étienne, Borussia Dortmund, Borussia Mönchengladbach, Bayern Munich, Man City and Ligue 1 Toulouse (FT, 10/9).
