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Oxfordite

Arsenal Make Huge Profits From Property -bbc

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http://news.bbc.co.uk/1/hi/business/8278166.stm

This is an accounting swindle to make the figures look good. These so called profits have been from redevelopment of the old Highbury Stadium. I live in it and it's 1/3 full at most.

The whole of the north stand that faces the old pitch is completely empty because all the flats, about 70 of them, were purchased between 2 btl companies before the crunch. These companies can't get the funding now and so Arsenal have taken them to court. The companies probably want to pull out and know they will lose their deposits but Arsenal are challenging this.

Edited by Oxfordite

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Guest P-Diddly
http://news.bbc.co.uk/1/hi/business/8278166.stm

This is an accounting swindle to make the figures look good. These so called profits have been from redevelopment of the old Highbury Stadium. I live in it and it's 1/3 full at most.

The whole of the north stand that faces the old pitch is completely empty because all the flats, about 70 of them were purchased between 2 btl companies before the crunch. These companies can't getting the funding and now Arsenal and the companies are in court. The companies probably want to pull out and know they will lose their deposits but Arsenal are challenging this.

Did you get my email about Danielle?

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As an Arsenal supporter I hope that there is a massive property bubble in this particular part of London (no where else, of course) for the coming 6-12 months...

However, one caveat - the money goes into paying down debt and new players and not into Hill Woods or Fiszmans pocket <_<

arshavin2-415x489.jpg

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Guest P-Diddly
Why does your location say Blackheath then? Is your body 8 miles wide?

He moves around a bit.

Was in Blackheath.

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I don't see where the swindle is. The figures seem transparent enough.

The figures are broken down to show the profit from the match day revenues, selling of players and the Highbury Square development. Last week 56,000 people watched a League Cup game at the Emirates. Not hard to see why the match day profits are rising.

Of course a lot of BTL purchasers buying off plan have now caught a cold. Serves them right. As for the North Bank being empty. Those flats will sell pretty quickly to new buyers in time. Ten minutes from Kings Cross is a major factor.

There is no way The Emirates would have been built in today's changed financial climate. They certainly got their timing right.

As for the "cheats" comment...Grow up.

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