Under Fire Arsenal Board To Meet Kroenke - 29/04/2007

After making plain his views about American sports franchise owner Stan Kroenke, septuagenarian Arsenal chairman Peter Hill-Wood has had to respond to criticisms from minority shareholders about alleged outdated attitudes on the board. The board is now to meet Stan Kroenke to find out his intentions. Mr Hill-Wood's original stance was that 'we don't need his money and we don't need his sort. He knows sweet FA about our football.' Given that Mr Kroenke was portrayed as not really an acceptable individual to be involved with, this raises questions about why Arsenal entered into a business partnership with the Colorado Rapids owner in the first place. But perhaps he was commercially acceptable, but 'beneath the salt' socially. In a letter to shareholders Mr Hill-Wood has set out a lengthy defence of the board's philosophy and actions. The letter is a recognition of the important role that minority shareholders, now have in determining the future of the club. Not surprisingly, their views vary. Divorce solicitor Jeffrey Greeman was active in pressing the board to sack Billy Wright in 1965. He commented in the Financial Times , 'The board then was very dismissive, there was a Victorian attitude. Some of this attitude still persists. They run it as if it was an old fashioned club.' But a personal financial specialist with a dozen shares told the pink 'un that he wondered whether a leveraged takeover would pile one load of debts on another.

Mr Hill-Wood emphasised that manager Arsene Wenger would have money to spend in the transfer market during the close season and that the investment on players would expand 'year on year'. But he admitted 'that this season has not yielded the silverware we would all have wished for.' Arsenal have seemed in some danger of losing their top four club status. This is where the Arsenal Supporters Trust could play a crucial role, even though it owns only 2.5 per cent of the shares. It has been actively engaged with all parties and is looking to perform a broking role between the major shareholders. It paid tribute to the contribution the current board has made to the club and to the development of the Emirates, but also made it clear that it would not shirk from challenging actions that it did not think were in the best interests of Arsenal's continuing development as a leading sporting institution.

Arsenal's largest shareholder Danny Fiszman has emphatically denied reports that he held secret talks with potential investors from Russia. He said, 'For anyone to purport that I have been involved in secret meetings is a total lie.'