Where the chairman's comments come from

So the fans thought they were the only frustrated ones? In the Daily Star today, Arsenal chairman Peter Hill-Wood vents on the fans. Never a good idea.

His message may well have been meant only to instil patience in the Arsenal fans as delicate dealings are being handled by the club. However, the chairman moves with the grace of a rheumatic rhino.

I’m not looking to be an Arsène Wenger apologist, not today or ever. Like any Gooner, I too have screamed at what have looked like lost opportunities to recruit. But I still aim to look for where the chairman's comments come from.

"As Arsene said, we are looking to buy some players but we are not going to do our business in public. [The fans] are going to have to be bloody patient – as we are. It is frustrating for both the fans and Arsene and the board."

Hill-Wood is on message here. It's like listening to Ivan Gazidis two weeks ago.

Obviously, the booing at the end of the Emirates Cup is brought up, and the chairman acknowledges that the fans have paid for the right to express their discontent. It's when the rise in ticket prices are brought up that his foot slips into his mouth.

"People don’t seem to realise that VAT went up so we weren’t trying to make any money out of it."

This is the answer most fans are ridiculing today. The price hike was interpreted as a way of increasing the transfer budget. No deals for almost a month makes the paying fans restless.

I'll include a final quote from Peter Hill-Wood. It shows what the main worry is for the higher echelons of the club.

"Some people have gone 25 years without a trophy and it is becoming more and more difficult with all the people with ­unlimited pockets."

We've been through it before, this year with Manchester City and the years before with Chelsea. As long as there are one or two buyers without limits, prices go up all round the market.

"We all know we have the money", I've heard and read. But reports of war chests and astronomical amounts are only reports. The board and CEO have never said anything else than that money is available, not how much – that’s only speculation. I think money won’t be spent before someone’s very high wages are off the budget – and before there’s room in the squad.

And while Manchester United are £800m in debt (or thereabouts) without the manager seeming to care, this blogger is more than happy with a frugal approach. Basing the club economy on the income of successes has proven suicide for other clubs, and not even Sir Alex Ferguson is excused from the financial realities.

It may very well be that the Manchester United economy can take even more debt, as their turnover is so huge. But we have to trust our own board, CEO and manager when they believe that the Arsenal economy wouldn’t.

My worst fear, worse than not winning trophies for another six years, 25 years, even relegation, is Arsenal going out of business.

Of course, there is still hope for signings. Sebastien Squillaci wasn’t linked with Arsenal until 18 August last year, and was signed nine days later. However, it’s not the kind of panic buy we’d like to see again.