Should we be worried by the curious announcement which has popped up on the Arsenal.com homepage? Apparently 'the Club is now in a position to consider offering up to 3,000 new North Stand debentures prior to the start of next season'. (A masterclass in vague writing, chaps!)

Now we could be wrong here, but aren't debentures generally meant to be some kind of long-term guarantee? And isn't the whole point that we're planning essentially to knock the North Stand down in a couple of years? So wouldn't you say 'new debentures for sale in the region of £3,500 to £5,000 each' sounds a bit steep for not a lot in return?

On the bright side - such a debenture 'could include a right to priority choice of seat location in the new stadium at Ashburton Grove and a possible discount on tickets'. 'Could'?? Well yes, that would be nice, wouldn't you think?

At a guess, the scheme would bring in about £12.5m, if the club can find 3,000 wealthy optimists (probably few on the ground today). If you're already on the waiting list for a season ticket, expect the begging letter to appear in the next week or two.

Is this a sign of how bad the club's finances are? Looks like a quiet summer on the transfer front then, and just when the squad's weaknesses are laid bare for all to see.

Rupe adds...
The Evening Standard used a quote from me in an article about fans responses to the proposed new bond issue. While I stand by the things I said, I'd like to make it clear that they were only ever offered as my own personal opinion, and as a reflection of the views expressed in the dozen or so emails I had received on the matter from Arseweb regulars. I did not mean to set myself up as some kind of spokesman for Arsenal fans as a whole.