Arsenal hit the jackpot, announcing on Friday one of the sport's most lucrative sponsorship deals, which could be their winning ticket to long-awaited glory.
The North London club announced this lunchtime it's successful agreement of terms with Emirates, their current kit and stadium sponsor. The five-year contract is worth an estimated £150 million to the Gunners in deal that will see the Dubai-based airline continue it's association with the club until 2019.
The deal is the second most lucrative shirt sponsorship deal in history, behind Manchester United's £51 million per season agreement with Chevrolet which will begin at the start of next season. That deal is estimated to be worth £357 million over the course of its duration, dwarfing all other Premier League sponsorship deals.
Chairman Ivan Gazidis was overjoyed to announce the club's continuing association with Emirates – their previous deal with the airline back in 2004 to take the naming rights of their Ashburton Grove facility which was purpose-built and unveiled in July 2006 had proven a somewhat cumbersome restriction on the club's finances.
Their selling of star players in order to make profit in the last seven trophyless seasons has brought criticism on the club and the manager from its fans and discontented shareholder Alisher Usmanov, along with various fractions of the media.
The club had been backed into a corner to a large degree by the previous with Emirates which, initially got the move to the new stadium off the ground at a cost of £390 million but the deal became out-dated in comparison to that of Arsenal's rivals Chelsea, Manchester City, and Manchester United who had all made far more money from sponsorship than the Gunners in the past six years.
The correlation between Arsenal's signing of the initial deal, which burdened their spending ability in the transfer market, and their lack of silverware is not co-incidental – the club has been significantly handicapped financially.
However, the money from the new deal is set to be re-invested back into the Gunners' squad, which will come as a long-awaited delight to Arsenal's long-suffering fans.
Gazidis said,
"The deal is all about football. It is all about giving us the resources in what we believe is a responsible and well-managed way, to be able to invest in what we put on to the pitch for our fans."
Earlier in the season the Chief Executive had claimed Arsenal were unable to compete financially in the transfer marker with the likes of oligarch-backed City and Chelsea and that players' wages and transfer fees at the club reflect that.
The new deal comes just in time for the opening of the January transfer window – perhaps boss Arsene Wenger will be more inclined to speculate in a real bid to get his hands on some silverware to stash in that dusty old cabinet at the Emirates.
image: © wonker
Jenny Leigh
Jennifer is a freelance writer and filmmaker from London with a great passion for football - the game, the business, and the culture. Jennifer hopes to provide readership with a high standard of news, analysis, and opinion over a range of football events, stories, and issues.
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