Stan Kroenke has snapped up another batch of Arsenal shares, edging the US sports franchise owner to within less than 300 shares from launching a mandatory takeover bid for the club. Kroenke Sports Enterprises paid £8,500 a share for a majority of the 1 per cent stake previously held by former Racal chairman Sir Ernest Harrison who died in February. This took Mr Kroenke’s holding to 29.6 per cent.
Stan Kroenke has snapped up another batch of Arsenal shares, edging the US sports franchise owner to within less than 300 shares from launching a mandatory takeover bid for the club. Kroenke Sports Enterprises paid £8,500 a share for a majority of the 1 per cent stake previously held by former Racal chairman Sir Ernest Harrison who died in February. This took Mr Kroenke’s holding to 29.6 per cent. Although the purchase tightens the American’s hold on the club, it is generally expected that he will sit tight at just under the 29.9 per cent shareholding that would trigger an automatic bid. He is unlikely to want to trigger a mandatory offer until next March at the earliest. Takeover Panel rules would require Mr Kroenke to make an offer at the highest price he paid for shares in the previous 12 months. This was the £10,500 a share he paid to the Carr family last March. Russian steel magnate Alisher Usmanov continues to use his Red and White Holdings vehicle to buy small parcels of shares when they become available and has a stake of more than 25.5 per cent.
The news of Mr Kroenke’s tightening grip on the club has not pleased supporters, not that they have anything against him personally. The Arsenal Supporters Trust, which owns a small stake collectively, said that it did not believe that a takeover was imminent or desirable, particularly one funded with debt. The AST commented, ‘Two red lines that cannot be crossed are the use of debt secured on the club’s assets to fund a takeover and an ownership structure which excludes small shareholders.’
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