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Arsenal football club are edging nearing to American ownership after tycoon Stan Kroenke increased his stake to over 20%. The non-executive director paid £42.5m for 5,000 ordinary shares at £8,500 apiece from fellow Gunners director Danny Fiszman. Fiszman, whose stake now stands at 16.1%, said he would not be selling anymore shares. Kroenke previously held a 12% stake in the club via his firm Kroenke Sports Enterprises bought from ITV in 2007. The billionaire, who also owns the Denver Nuggets basketball franchise, the Colorado Avalanche ice hockey team and Major League Soccer side Colorado Rapids said he was "delighted" to increase his interest in the club.
30% triggers takeover
If he increases its stake to 30% he is obliged to launch a takeover bid under financial regulations. Kroenke said: "I will continue to work closely with my board colleagues to maintain the stable environment in which the club operates and to preserve the self-sustaining business model enjoyed by the club." A takeover before the end of the season is highly unlikely as directors have a "lockdown" agreement preventing them selling their shares before April 2009 other than a limited number of people, such as family members. After that, until October 2012, they cannot sell to anyone else without giving the other directors the first option to buy. Things have been looking up at the Emirates after a return to form tightened their grip on the lucrative forth spot for European Champions League football.
Second biggest shareholder
Kroenke is now the second biggest shareholder in the club behind Uzbekistani metals magnate Alisher Usmanov, whose Red and White Holdings group owns 25% after paying about £75m for the 14.65% holding previously held by former vice-chairman David Dein. Lady Nina Bracewell-Smith left the Arsenal board in December, freeing her from the directors' agreement - and could be willing to listen to offers for her 15.9% holding. The Arsenal Supporters Trust holds 3% of shares through its members, but represent a collective of small shareholders who have about 12%. In a statement, it said: "The fact that Stan Kroenke is already a member of the board at Arsenal should ensure that this change does not create any instability. "We were supportive of him joining the board and welcome the sporting and commercial expertise he brings to the club. "If a sale had to take place, we are reassured that it is to Stan."
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