Technically speaking yes, clubs that are joint stock companies should issue dividends to their shareholders but I am asking you more specifically what Arsenal does with their net profit. You were the one who claimed that they don’t reinvest their profit and I am asking for some detailed info on it.
Are profits not used to pay dividends? Are increases in profits not associated with increases in dividend payments?
Is Kroenke, who is the majority shareholder at Arsenal, not trying to buy 100% of the shares of the club? That would make him the sole receiver of dividends at the club. Currently he's the majority shareholder but as that graph I posted shows, he invests none of the money he recieved from the club (through dividends, salary or whatever).
I don't know what these dividend payments are to these shareholders, nor do I care to look them up for you, but he's not re-investing a penny of it into the club is he?