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.
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group