Report thanks to our friends at Sport Business.
American tycoon Stan Kroenke is set to complete a takeover of Arsenal, ending a long-running battle over ownership of the Barclays Premier League club.
Kroenke has agreed to buy the shares of Danny Fiszman and Nina Bracewell-Smith, it was confirmed on Monday morning. The acquisition will take Kroenke's stake from 29.9% to around 63% and past the 30% threshold that would trigger an automatic takeover bid as well as the 50% that would give him legal control of the club.
Kroenke has now offered Arsenal shareholders £11,750 per share for the remaining shares. He already owns the National Basketball Association's Denver Nuggets, the National Hockey League's Colorado Avalanche and the St Louis Rams of the National Football League.
Arsenal is listed on the London Plus Exchange, and in a statement released to the market, Kroenke said: "We are excited about the opportunity to increase our involvement with and commitment to Arsenal. Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger. We intend to build on this rich heritage and take the club to new success."
Kroenke was already Arsenal's largest shareholder and a director while the next largest shareholder, Russian businessman Alisher Usmanov, had not been invited onto the board of directors despite having increased his stake last month to around 27%.
Arsenal Supporters' Trust board member Tim Payton welcomed the news, but added to The Associated Press: "The Arsenal Supporters' Trust (AST) hopes that fans will still have a role in Arsenal's structure," Payton said. "Arsenal is the last major club with supporters able to own shares and we know Kroenke has previously praised this arrangement."
No comments:
Post a Comment