Arsenal chairman Sir Chips Keswick has defended the salary of chief executive Ivan Gazaidis, insisting he’s worth the money because he’s doing a good job with the Gunners.
Keswick was speaking at the Arsenal Annual General Meeting and was asked about Gazidis’ pay-packet, reportedly £2m-a-year with an added bonus of £900k. The Arsenal chairman was asked the following:
“Ivan Gazidis’ total pay package remained £2.6m this year including a bonus of £919,000. Yet the Club’s performance in football performance (falling from 2nd to 5th place – no Champions League) and predicted income – falling by up to£20m on the Club’s own estimate.
“Can the Board please justify this payment and give a more comprehensive answer than to say it was a decision made by the remuneration committee?”
— FK (@fkhanage) October 26, 2017
He said: “It is important that all the remuneration remains competitive. Our CEO’s pay is comparable to that of others of a similar stature at other clubs.
“Ivan is doing a fantastic job and representing it in the PL, European Club Association we are fortunate to have him as our CEO.”
Arsenal fans feel disillusioned with the club and its ownership. Many are stunned that Gazidis is among the highest earning CEO at a club despite the Gunners’ failing in the Premier League and Champions League in recent years.
There was also a vote against Keswick’s re-appointment as chairman at the AGM too.
Many voters vote against the resolution to reappoint Sir Chips Keswick
— Dan Critchlow (@afcDW) October 26, 2017
Symbolic win by AST and smaller shareholders though just to force a poll vote. Shows wide discontent.
— Mattias Karén (@MattiasKaren) October 26, 2017
The Arsenal board can now see first-hand how angered supporters and shareholders have been with their ownership in recent years.
This is the first ever time shareholders have voted down a resolution at an Arsenal AGM. Card vote required. Damning for the Board
— AST (@AST_arsenal) October 26, 2017
With transfer funds being released only when Arsenal create the revenue, questions continue to be asked why the hierarchy are paid so much money, but such finances aren’t filtered down to the playing squad.
There are many more questions to be asked during the Annual General Meeting, and it perhaps won’t go down well that the Arsenal chairman believes Ivan Gazidis is completely deserving of his £2m-a-year contract.