Skip to main content

£1m salary boost gives Gazidis the 'hardest decision of my life'

Most of us would be happy with a £1m salary boost plus a stake in the equity of the company we were joining, but Arsenal chief executive Ivan Gazidis claims he faced 'the hardest decision of his life' when that offer was made to him by Inter Milan. His salary in Italy will be £3.6m.

He will be leaving the Emirates on 31st October, notwithstanding a twelve month notice period on his contract. He has been there for nearly ten years.

Gazidis has been behind a radical overhaul of the structure of the club in recent years. He sought to shift away from Arsene Wenger's autonomy as manager to a more continental structure. He wanted a framework where the manager confined himself to coaching.

He appointed nine new department heads and several long-serving backroom staff were shown the door. Gazidis had a somewhat frosty relationship with Wenger towards the end of the manager's 22-year reign. Indeed, he pretty much eased him out of the club.

Gazidis oversaw Arsenal's purchase of StatDNA, the data analytics company, which Wenger was not keen on.

It is not known whether there will be a direct replacement for Gazidis, but Josh Kroenke, son of owner Stan Kroenke, is one likely candidate. He has been in London a lot this year and has taken a close interest in the day-to-day running of the club. He could be the point man to look after his father's investment in the Arsenal franchise (as it would be seen in the US).

However, he is also president of the Colorado Avalanche in the NHL and the Denver Nuggets in the NBA, as well as alternative governor of Colorado Rapids in the MLS. These other posts in his father's sports empire means that he cannot directly replace Gazidis. Nevertheless, he will be a looming presence.

Indeed, Gazidis's workload has been split in two. Vinai Venkatesham moves from being chief commercial officer to managing director. Raul Samliehi becomes head of football, having been director of football in all but name.

Some Arsenal fans have been critical of Gazidis's role at the club. The Arsenal Supporters' Trust want to know why it took him so long to come to a decision. It may be that one factor was Mikel Arteta, his preference for head coach, being overlooked for Unai Emery.

Inter Milan have expressed their delight at the appointment of a 'world class CEO'. I suppose we now have them as well as world class footballers. Inter Milan is now owned by American hedge fund Elliott Management. He wants to transform Milan before selling his investment so Gazidis could get a windfall from his shareholding.

Labels:

Comments

Post a Comment

Popular posts from this blog

Threat of financial calamity removed from Baggies

West Bromwich Albion had effectively been in decline ever since the club was sold to a Chinese consortium in August 2016, paying a figure north of £200m to buy former owner Jeremy Peace’s stake. Controlling shareholder Guochuan Lai’s ownership was fairly disastrous for the club, but his unloved tenure finally came to an end after Bilkul Football WBA, a company ultimately owned by Florida-based entrepreneur Shilen Patel and his father Dr Kiran Patel, acquired an 87.8% shareholding in West Bromwich Albion Group Limited, the parent company of West Bromwich Albion Football Club. This change in ownership was urgently required, due to the numerous financial problems facing West Brom, including growing high-interest debt and serious cash flow concerns, following years of no investment from the former owner. Indeed, West Brom’s auditors had already rung the alarm bell in the 2021/22 accounts when they cast doubt on the club’s ability to continue as a going concern without making player s...
1 comment
Read more

Spurs to sell minority stake

Tottenham Hotspur is in talks to sell a minority stake in a deal that could value it at up to £3.75 billion and pave the way for Joe Lewis and his family to sever ties with the Premier League football club. Tottenham chairman Daniel Levy is seeking an investment that values the club at between £3.5 billion and £3.75 billion, including debt. While the terms of any deal have not been finalised, City sources expect Spurs to sell about 10 per cent. The club is being advised by bankers from Rothschild on the sale. Tottenham wants to raise fresh capital for new player signings and to help fund the development of an academy for its women’s team, as well as a 30-storey hotel next to its north London stadium. The financier Amanda Staveley, who brokered the deal for Saudi Arabia’s Public Investment Fund to take over Newcastle United, is understood to be among the parties to have expressed an interest in Tottenham. Staveley’s fund, PCP Capital Partners, has raised about £500 million to ...
Post a Comment
Read more

Fulham requires big funding from owner

After lengthy delays, Fulham’s shiny, new Riverside Stand has finally opened, creating “a unique Thameside destination with first class facilities for supporters and partners on match days, as well as for the wider community year-round”. This ambitious project has increased Craven Cottage’s capacity by around 4,000 to 29,600, while it has also taken advantage of the club’s fantastic location and wealthy catchment area by including two Michelin star restaurants, a rooftop swimming pool, corporate hospitality and event space, all benefiting from views of the Thames. Chief executive Alistair Mackintosh observed, “Fulham is the sort of club that can have a business class or first class and have fans that turn left on a plane.” Indeed, there is also an exclusive members club – with a football season ticket as an optional extra. It’s fair to say that “the times they are a-changing”, as this is a long way from the traditional pie and a pint. However, in a world where clubs face the tw...
Post a Comment
Read more