Arsenal Shares Hit High - 24/03/2007

Renewed takeover rumours are driving Arsenal shares to a record high. The share price closed towards the end of the week at £6,200, up £900 in a week since Danny Fiszman, the largest shareholder, sparked speculation by offloading some of his stake. Shares were priced at only £700 when the club joined a junior stock market, the Plus Markets Group, in 1995. Vice-chairman David Dein spent £290,250 on 1,161 shares in 1983 and is now sitting on a stake worth £57m. City speculation has centred on investors from Dubai and Qatar, while other rumours concern Russian billionaire Oleg Deripaska. At a current cost of £385m, the club would be the second biggest purchase in British football history after Manchester United. However, Dein, who holds 15 per cent of the share is not thought to want to sell, nor is Lady Nina Bracewell-Smith with a 16 per cent stake. She is a member of the family dynasty associated with Arsenal for over sixty years. ITV would like to sell its 9.9 per cent stake, but that would be insufficient to trigger a full takeover bid. Diamond dealer Danny Fiszman insists that he wants to hold on to most of his 24.11 per cent stake which is worth almost £92m.