"But although missing out on the Champions League for one year would be a big disappointment, it would not mean financial armageddon for Arsenal. When we worked out our budget, and did our fund-raising calculations in respect to the new stadium, we did not assume we were going to be in the Champions League every season. That may be an assumption at other clubs, and it's not for me to comment on the way they are run, but we did not want to get out of our depth in terms of paying our bills."