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Arsenal FC via securisation enter the world of debt


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Arsenal Football Club To Securitize Ticket Revenues

(June 30, 2006)



U.K. soccer team Arsenal Football Club is planning to securitize future revenues from ticket sales to refinance its new 60,000 capacity stadium in North London, the first time such an offering has been made publicly in the U.K. Barclays Capital and Royal Bank of Scotland are arrangers and are providing liquidity and swaps, and Ambac Assurance U.K. is providing a AAA monoline wrap.

Arsenal Securities PLC, a special purpose vehicle rated BBB-, will offer £260 million of fixed- and floating-rate notes backed by sales of both season tickets and match day tickets. Robert Robinson, analyst at Standard & Poor's, said the deal is structured to take account of the large lump sum of sales during the summer from season tickets, as well as a steady stream throughout the season from match day sales.

Robinson said since the stadium itself is almost finished, the process has moved beyond the project financing stage and the key risk now is the team's performance. "Arsenal will need to do well, but have to remain financially prudent. They can't go crazy in the transfer market."

This is a first-of-its-kind transaction in England, and similar transactions are only likely to involve the top five or six teams there. "These are teams who play regularly in European competitions and can fill stadiums," he said, adding some smaller provincial teams with local followings were unlikely to be considered as they are too small.

Yossi Kraemer, head of the syndicate group at RBS, said this could be a viable structure for many sides because it refinances an existing debt on a stadium building project, rather than attempting to increase debt further by purchasing new expensive players based on the assumption of future domestic and European success. Since there is a 25-year amortization period, the cash flows have been stressed and risks mitigated. Should Arsenal fail to make it into the Champions League, or become a mid-table side or are relegated, these risks have all been taken into account. Kraemer said there are other ways to find the money in the event of a fall in ticket sales. "Since it's structured like a whole business securitization, we can access other revenues such as broadcasting rights, sponsorship deals, and a whole other raft of monies." He stressed, however, that all season tickets have been sold, and all the executive box tickets have been sold. In addition there are waiting lists for season tickets.


if they get in trouble they know where to come

Tam Wing Chuen -v- Bank of Credit and Commerce Hong Kong Ltd [1996] 2 BCLC 69




Lord Mustill Commonwealth,


Lord Mustill discussed the need to construe a contract contra preferentem: "the basis of the contra proferentem principle is that the person who puts forward the wording of a proposed agreement may be assumed to have looked after his own interests, so that if words leave room for doubt about whether he is intended to have a particular benefit there is reason to suppose that he is not."

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lol hope they come here ha ha we can do with a laf







Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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Especially after losing the premership and to LIVERPOOL in the champions league.

OFT debt collection guidance


Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.


Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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