Arsenal scouts gunning for executive talent

Arsenal Emirates stadium

Arsenal is unlikely to appoint a CFO in the near future, sources close to the
club have told Accountancy Age.

The club had initially said it would look at appointing a CEO and CFO after
managing director Keith Edelman left. But Ivan Gazidis, appointed as chief
executive in December, is understood to have dismissed the need for a CFO.

‘There are no suggestions of the appointment of a CFO in the near future,’
said one source.

Instead, the club has widened its search for a number of experienced
accounting and legal appointments.

Gazidis is looking to recruit ‘talented business executives’ with
accountancy, consulting, legal or economics backgrounds to boost its executive
team. Executive recruiters from Spencer Stuart are managing the process.

It is also renegotiating its loan terms after failing to complete the sale of
as many properties at its Highbury development as anticipated.

Posting its interims, chairman Peter Hill-Wood said that the company was at a
‘preliminary stage’ of discussions with its lenders to revise the terms of the
loan beyond 2010, when it is due to pay £135m to lenders, and it was likely a
new deal would be more expensive.

The number of dropped property deals was low, said Hill-Wood, but purchasers
were struggling to secure their mortgage deals.

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