spread of 52 basis points over government bonds and £50 million of 7.1-year bonds with a spread of 22 basis points over LIBOR. It was the first publicly marketed, asset-backed bond issue by a European football club. The effective interest rate on these bonds is 5.14% and 5.97%, respectively, and are due to be paid back over a 25-year period; the move to bonds has reduced the club's annual debt service cost to approximately £20 million a year. In September 2010, Arsenal announced that the Highbury Square development – one of the main sources of income to reduce the stadium debt – was now debt free and making revenue. When Arsenal moved to the Emirates Stadium, the club prioritised repaying the loans over strengthening the playing squad. Arsenal's self-sustaining model relied heavily on qualifying for the UEFA Champions League; as Wenger recalled in 2016: "We had to be three years in the Champions League out of five and have an average of 54,000 people, and we didn’t know we would be capable of that." The club sold several experienced players throughout the late 2000s and early 2010s and raised ticket prices, upsetting supporters who have called for change. Wenger took umbrage over criticism and revealed the bank loans were contingent on his commitment to the club: "The banks wanted the technical consistency to guarantee that we have a chance to pay [them] back. I did commit and I stayed and under very difficult circumstances. So for me to come back and on top of that [critics] reproach me for not having won the championship during that period it is a bit overboard." Wenger later described the stadium move as the toughest period of his life because of the restricted finances in place. Arsenalisation In August 2009, Arsenal began a programme of "Arsenalisation" of the Emirates Stadium after listening to feedback from supporters in a forum. The intention was to turn the stadium into a "visible stronghold of all things Arsenal through a variety of artistic and creative means", led by Arsenal chief executive Ivan Gazidis. Among the first changes were white seats installed in the pattern of the club's trademark cannon, located in the lower level stands opposite the entrance tunnel. "The Spirit of Highbury", a shrine depicting every player to have played for Arsenal during its 93-year residence, was erected in late 2009 outside the stadium at the south