The AST has long advocated that Stan Kroenke would be an important addition to the Board and we welcome Stan Kroenkes appointment which should bring greater ownership stability and adds to the skillset around that top table.

The AST has met with Stan Kroenke and visited Denver to see his other sports teams in operation. We have been impressed by his long-term track record of investing in sport and commitment to football (soccer) in the US.

An examination of the club accounts demonstrates that the key area for further growth is overseas commercial activity and we hope Mr Kroenke will be able to support the club in this endeavour.

The AST congratulates the club on another impressive set of financial results

which demonstrate the earning power of the new Emirates stadium.

Other football clubs are currently suffering as a consequence of the crisis in the global financial markets. This scenario does not affect Arsenal to the same degree. As every day goes by the debt refinancing Arsenal took on two years ago is demonstrated to be a fantastic bit of business.

The increase in the wage bill to 100 million proves that Arsenal are prepared to compete for and reward the best players. We estimate this is the third highest wage bill in English football.

In light of the wider economic situation, the property situation at Highbury Square remains a concern and we would welcome further clarity on the sales expectations for the next 12 months. The outcome of the two remaining developments (Highbury Square and Queensland Road) will determine the amount of debt that can be repaid early.

It is very clear that the anticipated sale of the Queensland Road site for a hoped for 80 million is not achievable in the current market environment. Arsenal acknowledge this by stating that any surplus cash from property sales should be treated as a bonus and previous talk of a 100m surplus can be firmly dismissed.

The Arsenal business model of living within ones own means and still being able to compete at the top table continues to be viable, however a great deal of this plan clearly depends on the brilliance and prudence of the manager, the like of which we are unlikely to see again.