Over the last few years, Arsenal and us have had nearly the same revenue but they have spent 150m repaying the loan on their new stadium and they still have a 150m to go. We don't have a stadium to pay off so we have spent our money on players. I don't see what his problem is with us. Secondly, Arsenal would have made losses if it wasn't for their huge property development business (they build apartments). 2009: 88m revenue from sale of apartments, group profit 45m profit. 2010: 137m revenue from sale of apartments, 56m group profit. Take out the apartments and their losses would have been 2009: -43m, 2010: -81m. In other words, their losses would have been bigger than ours (though not by that much). All because we haven't gone into the property development business.