£40m... now go spend it Arsene
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Stan swoops! Billionaire Kroenke plans Arsenal takeover after snapping up shares
Poised to strike: Stan Kroenke (left) is set to launch a takeover bid
Stan Kroenke is poised to spend nearly £300million to take control of Arsenal.
An announcement on the Stock Exchange is expected to confirm that the American billionaire will buy the 16 per cent stakes owned by Danny Fiszman and Lady Nina Bracewell-Smith, taking his overall shareholding at the Emirates to 62 per cent.
The move has been sparked by the serious illness of Fiszman, who wants to sell his stake having tied up his affairs in a beneficial trust, knowing his children do not wish to maintain links with the club.
Kroenke has also had to act to head off a rival takeover from Alisher Usmanov, the Russian oil tycoon who owns around 27 per cent of the club’s shares and is in a financial position to make the same 32 per cent purchase.
Once Kroenke increases his stake to 62 per cent, he will have to make a mandatory offer for the rest of the shares, and at this stage it is unclear whether Usmanov would sell. If he retains his stake, he will still wield influence on issues that demand a special resolution.
Last night speculation was rife that a Kroenke takeover could lead to the return of former vice-chairman David Dein. Arsene Wenger has missed Dein’s counsel since he was forced off the board for introducing Kroenke to the club, having brokered the deal for the American to buy the 9.9 per cent stake that was owned by ITV. Yet Dein then sold his stake to Usmanov.
The move could force Wenger to cave in to demands for pre-season tours in the US, but there is hope Kroenke would inject cash into the transfer kitty.
Some sources question the likelihood of that, however, when he is spending so much on seizing a controlling stake — probably between £11,500 and £12,000 for each share from Fiszman and Bracewell-Smith, totalling around £300million.
There is some irony in the fact Bracewell-Smith is involved, given that Fiszman forced her off the board, but she has been trying to sell her stake for a while.
Having one man all but in control should create more stability for Arsenal; especially as Kroenke has strong sporting connections.The principal shareholder in Denver-based Kroenke Sports Enterprises, his major US sports interests include the NBA’s Denver Nuggets, the NFL’s St Louis Rams and the Major League Soccer side Colorado Rapids.
A spokesman for Arsenal refused to comment but there is concern from Arsenal Supporters’ Trust over the club being taken into private ownership, which would essentially be the case if Kroenke ends up with more than 75 per cent. Small shareholders currently retain around 12 per cent.
The AST’s Tim Payton said: ‘Arsenal is a stronger institution when supporters are directly involved in its ownership structure. Stan Kroenke has always been a supporter of the AST and supporter shareholders. We expect him to involve us in talks about any plans he has.’
If Kroenke is successful, the top four clubs in the Barclays Premier League will all be under foreign ownership.
In the shadows: Alisher Usmanov has also been buying up shares in Arsenal
Meanwhile, Ian Holloway was left ‘heartbroken’ after Blackpool’s fightback against the Gunners was halted by controversial decisions from referee Lee Mason.
‘How we didn’t get at least one penalty, I don’t know,’ he said. ‘I went in to see Mr Mason, and, to be fair, it was very amicable. I think the man genuinely gave what he thought he could see.
‘It was the challenge on (Gary) Taylor-Fletcher that really left me aggrieved. It was a blatant penalty, and what a difference that could have made to our momentum for the rest of the season.
Arsenal’s Jens Lehmann was lucky to avoid a red card after up-ending DJ Campbell just before Taylor-Fletcher’s goal.
‘That split second was the most important one of the game,’ said Wenger. ‘But Jens did really well. His decision-making was spot on.’
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STAN KROENKE hopes to complete his £500million takeover at Arsenal - and immediately urge Arsene Wenger to increase his transfer spending.
American Kroenke has increased his stake in the club to nearly 63 per cent after buying another £233.2million of shares.
Yet with Arsenal not winning a trophy since 2005, Kroenke hopes boss Wenger will use the £40m available for strengthening.
A full takeover bid was triggered, as SunSport revealed yesterday, after Kroenke acquired the stakes of Danny Fiszman (16.1 per cent) and Lady Nina Bracewell-Smith (15.9 per cent).
With Arsenal's shares priced at £11,750 each, the club is valued at £731m.
Kroenke, 63, who boasts a large portfolio of American sports teams, said: "We are excited about the opportunity to increase our involvement with and commitment to Arsenal.
"Arsenal are a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger.
"We intend to take the club to new success. I am delighted Peter Hill-Wood has agreed to support us by continuing as chairman."
Mega-rich Kroenke, on the board since 2008, is now hoping to buy the rest of the club's shares although he will not sink any of his personal fortune into the club.Most of the remaining shares are held by billionaire Alisher Usmanov, who is 'considering' whether to sell his 27 per cent.
Boss Wenger said: "I have worked with Stan Kroenke over the past couple of years and I believe he has the best interests of Arsenal at heart.
"He understands the club's heritage and traditions and our ambition to run the club in a way which protects our long-term future."
Arsenal chairman Hill-Wood said: "The board of directors and I consider it a key responsibility to protect the spirit of the club.
"Mr Kroenke, although relatively new to Arsenal, has shown himself to be a man who values and respects the history and traditions of this very special club.
"We are confident that he will be a safe custodian of its future."
Arsenal chief executive Ivan Gazidis said: "Arsene's under a long-term contract that runs until 2014.
"It's the end of an era but it's also the beginning of an era. I don't think there will be dramatic changes involved.
"Mr Kroenke has stated that he's supportive of a self-sustaining business model.
"At the same time, I think that Mr Kroenke brings experience in the sports arena."
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sack Arsene Wenger bring in Jose Mourinho