The biggest mistake Arsenal made was bad timing! They marketed the flats at Highbury right into the teeth of the financial crash. Buyers had deserted the market and their anticipated capital receipts didn't materialise for 1-2 years after they had expected, which delayed their ability to refinance their residual stadium debt. I live locally and I work in housing development, so I'm familiar with what went on.
I agree that our Phase 3 will be procured as a separate project - the fact that it doesn't even have detailed planning consent says as much - but the club will still be looking toward its share of the profits on the housing to reduce the residual debt on the stadium. They just won't be counting exclusively on it. Once burned, etc.
I think Arsenal were in trouble even before the project was finished. They had to extend the loan halfway through just to finish the build. But yeah their timing was shocking lol. That’s why it’s so infuriating when you constantly here the two projects compared they are nothing alike. Yeah agree on phase 3, I don’t think it’s anywhere written into the repayment of the debt plan. But something that will just be a bonus if/when it comes to fruition. Honestly I just really hope we spend decent money this summer just to put to bed the comparisons with the emirates.