Today (Sunday 19/01/03), as we face our first home League match of the New Year I want to address a few words to our supporters about a subject which is vital to the future success and prosperity of Fulham Football Club - money.
I know that many fans are confused and anxious about what they have heard from me recently. On the one hand I have reiterated my pledge to make this Club one of the best in Europe, yet on the other hand I have refused to commit millions to redevelop Craven Cottage and have not indulged in wild spending on the transfer market this time around. There seems to be a general perception that whatever I may say publicly I will continue to bankroll Fulham indefinitely with limitless funds. Let me be quite clear about this. I will not
I may have deep pockets, but I aim not a fool with my money and to continue pouring funds into Fulham for very little financial return is nothing short of folly. It makes no business sense at all. Make no mistake. Whatever is genuinely needed to maintain our Premiership status and continue our progress towards my dream of making this one of Britain's biggest clubs will be provided. But financially we must become a leaner and fitter club.
I have invested over £100 million in Fulham already. That was done to achieve Premiership football. Now the days of profligate spending are over. We must tighten our belts and introduce a regime of prudent budgetary control. And that will apply from top no bottom. All the way down from transfer fees, player salaries and stadium development
I have been accused of being one of those rich men who blindly indulge their passion for football by simply buying success for their favourite club without considering whether there is a big enough fanbase to justify that expenditure I reject that accusation.
It is true that we have averaged crowds of less than 16,000 here at Loftus Road this season and that disappoints me greatly after the sacrifices I have made and the money I have spent. But if you are reading this you are one of those true fans who will put themselves out to support Fulham so please spread the word to others that we need them here to help us move forward as a club The fact is Fulham is a sleeping giant The hardcore of Fulham fans, thousands and thousands of them, have supported this Club for generations and the potential fan base out there is enormous. Once we have a modern stadium with the right capacity, and we have built success on the pitch, Fulham will attract the crowds large enough to maintain that success, But for now we must all be patent. That kind of success cannot be bought overnight with vast expenditure. Indeed, it can be counter productive if it fosters the kind of unrealistic perceptions and expectations which I referred to earlier.
In the long-term it is clear that we must take these measures if we are to build a club that will last for at least another 100 years and be financially strong enough always to challenge for top honours But I am doing
this against a background of changing times. Football is in danger of going broke if it continues to pay itself more than it earns. It is a situation which has to be addressed urgently and, as in all things, I want Fulham to lead the way Last year was a disastrous one for football on the stock market with shares filing on average by just over 30 per cent Manchester United's shares fell by 40 per cent despite being one of the very few clubs which actually made a profit.
The collapse of ITV Digital acted as a wake up call for everyone. Football League clubs have agreed in principle to apply salary caps as have the clubs of the G-14 and the Italian League. The fall in transfer spending during this month's transfer window is evidence than many clubs have begun cost cutting and adjusting their methods of payment with more emphasis on performance. The Premier League and the individual clubs which make it up are big business. We must all adopt the same attitude that we would apply to any other successful business. Our own interests and those of our clubs must come first
If football is to be kept strong at the grass roots, and children encouraged to play the game, this will only come about through success at the very highest level. That requires massive financial investment which will not be made if healthy profits aren't delivered. The best contribution we can make for the good of football is ensuring a highly successful Premier League, and highly successful clubs within it It is that which mail attract people to the sport, an increasing worldwide audience, and greater investment into the game.
Mohamed Al Fayed
Chairman