The long battle for control of Arsenal looks like it is reaching its final phase. American sports enterpreneur Stan Kroenke is poised to buy out the stakes of both Danny Fiszman and Lady Nina Bracewell-Smith and so take control of the club. Danny Fiszman has been ill for some time and it is understood that he decided that the time had come to sell his stake, prompting the bid.
The long battle for control of Arsenal looks like it is reaching its final phase. American sports enterpreneur Stan Kroenke is poised to buy out the stakes of both Danny Fiszman and Lady Nina Bracewell-Smith and so take control of the club. Danny Fiszman has been ill for some time and it is understood that he decided that the time had come to sell his stake, prompting the bid.
An announcement will be made to the London Stock Exchange at 7 a.m. tomorrow morning about a bid for the remaining shares as is required by takeover rules.
In an initial reaction, Arsenal Supporters’ Trust said that they hoped that Stan Kroenke would not take the company private but would retain the share structure, providing a route for direct fan involvement. Mr Kroenke was involved in the launch of the Fanshare scheme last August and has been involved in talks with supporters’ organisations in the last few months.
The Trust spokesman said that what was important was not the nationality of the club’s owner, but whether he adhered to Arsenal’s core values. In some ways the club was no longer English owned as over 50 per cent of the shares were owned by an American and a Russian. The club itself was multi-national in terms of the origins of its manager and players.
Arsenal is ranked by Forbes magazine as the third most valuable football club in the world with a value of £768m excluding debt. It has been the most prudently run of the top English clubs, relying neither on a benefactor nor extensive debt. However, some consider that this has been at the expense of investment in the team.
If the takeover goes through three top Premier League clubs (Arsenal, Liverpool and Manchester United) will be American owned. Arsenal was the last top club with a structure of multiple shareholders.