Stan Kroenke is unlikely to gain the 75 per cent holding he would need at Arsenal to instigate a major capital restucturing of the business. His holding is likely to be not much more than the current figure of just under 63 per cent which means that he can control the day-to-day running of the business including player transfers and contracts.
Alisher Usmanov’s Red & White Holdings company have indicated that they will not accept Kroenke’s offer and are still picking up odd shares where they can to enhance their 27 per cent stake.
Stan Kroenke is unlikely to gain the 75 per cent holding he would need at Arsenal to instigate a major capital restucturing of the business. His holding is likely to be not much more than the current figure of just under 63 per cent which means that he can control the day-to-day running of the business including player transfers and contracts.
Alisher Usmanov’s Red & White Holdings company have indicated that they will not accept Kroenke’s offer and are still picking up odd shares where they can to enhance their 27 per cent stake.
The Arsenal Supporters’ trust which is made up of 1,000 shareholders and supporters has urged its members not to sell their shares. Their view is that plurality of ownership is the most sensible and suitable model for the future of the club. They are not anti-Kroenke but pro-Arsenal and believe that the future of the club will be safeguarded if one individual is not allowed autonomous control.
They take the view that Arsenal is stronger when supporters are represented in the ownership structure. In a letter to members, they stated, ‘This arrangement means we can ask questions at an AGM and scrutinise the official report and accounts, something which the AST has gained a reputation for doing with clarity and expertise.’
They also argue that ‘having supporters involved in the club helps to give the club a real sense of “belonging” and acts as a check and reminder to those that run the club that its most important asset is its supporters.’
These are all cogent arguments. However, the way thing stands the club is going to have an aggrieved minority shareholder. Stan Kroenke may feel restrained in the actions he can take, for example restructuring what many think is an ageing and somewhat conservative board of directors. Plurality of ownership may stand in the way of the steps the club needs to take to secure trophies.