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Kroenke becomes Arsenal's biggest shareholder
Associated Press
Updated: May 1, 2009, 4:01 PM EST
LONDON (AP) - American businessman Stan Kroenke became Arsenal's biggest shareholder by increasing his stake in the club to 28.3 percent on Friday, putting him in a stronger position to mount a takeover.
Prem's Foreign Owners
Already a director at the Gunners, Kroenke is closer to the 30-percent threshold that triggers a mandatory offer for the remaining shares.
The 61-year-old Kroenke lifted his holding from 20.5 percent by buying out the 4,839 shares held by the Carr family. Richard Carr will remain a director of the club.
Arsenal said Kroenke paid between 8,500 and 10,500 pounds per share, meaning that he paid more than the $60.3 million it cost him in March to buy 8.1 percent of the club.
The next largest shareholder is Uzbekistan-born billionaire Alisher Usmanov, who owns more than 25 percent of the club through investment vehicle Red and White Holdings.
New Arsenal chief executive Ivan Gazidis has previously implied that he would welcome a buyout from Kroenke, describing him as a "model owner" while being far less flattering about Usmanov.
Kroenke also owns the NBA's Denver Nuggets, the NHL's Colorado Avalanche and the Colorado Rapids in Major League Soccer.
"He is an excellent owner in the other sports he has been involved in. He has been a good part-owner of Arsenal and an active participant on the board," Gazidis, the former MLS deputy commissioner, said in March. "He is a long-term investor who thinks about the sports business very carefully, and philosophically is very close to the traditional Arsenal ethos.
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"He believes in the club running itself on a self-sustaining basis, and he obviously must have affection for the club otherwise we wouldn't see his shareholding increase."
The other major shareholders are Danny Fiszman with 16.1 percent and Nina Bracewell-Smith with 15.9.
While the 13-time English champions are out of the Premier League title race, Arsenal has all but secured lucrative Champions League football for next season - a competition it can win this month.
Arsenal hosts English rival Manchester United on Tuesday needing to overturn a 1-0 loss from the first leg of their European semifinal.
Arsenal, which has not won a title since the 2005 FA Cup, has a tradition of being well-run, not paying big transfer fees and relying on talent created through its youth teams.
The Arsenal Supporters' Trust welcomed Kroenke's latest acquisition of shares.
"We were the first shareholders at Arsenal to welcome Kroenke's initial investment. We have since established a good dialogue with him and this will continue," the fans said in a statement. "Our position is that stability and plurality in ownership is to the benefit of Arsenal.
"New chief executive Ivan Gazidis has made a good impression and says he values our role and the importance of custodianship. We hope he will build relationships with all shareholders so that the club has stability off the pitch which is a vital ingredient for success on it."
Associated Press
Updated: May 1, 2009, 4:01 PM EST
LONDON (AP) - American businessman Stan Kroenke became Arsenal's biggest shareholder by increasing his stake in the club to 28.3 percent on Friday, putting him in a stronger position to mount a takeover.
Prem's Foreign Owners
Already a director at the Gunners, Kroenke is closer to the 30-percent threshold that triggers a mandatory offer for the remaining shares.
The 61-year-old Kroenke lifted his holding from 20.5 percent by buying out the 4,839 shares held by the Carr family. Richard Carr will remain a director of the club.
Arsenal said Kroenke paid between 8,500 and 10,500 pounds per share, meaning that he paid more than the $60.3 million it cost him in March to buy 8.1 percent of the club.
The next largest shareholder is Uzbekistan-born billionaire Alisher Usmanov, who owns more than 25 percent of the club through investment vehicle Red and White Holdings.
New Arsenal chief executive Ivan Gazidis has previously implied that he would welcome a buyout from Kroenke, describing him as a "model owner" while being far less flattering about Usmanov.
Kroenke also owns the NBA's Denver Nuggets, the NHL's Colorado Avalanche and the Colorado Rapids in Major League Soccer.
"He is an excellent owner in the other sports he has been involved in. He has been a good part-owner of Arsenal and an active participant on the board," Gazidis, the former MLS deputy commissioner, said in March. "He is a long-term investor who thinks about the sports business very carefully, and philosophically is very close to the traditional Arsenal ethos.
<H3>Premier League on FSC
Sat., May 2, 10:00 a.m. (LIVE) -
Portsmouth vs. Arsenal
Sat., May 2, 12:00 p.m. -
Stoke City vs. West Ham
Sat., May 2, 4:30 p.m. -
Wigan Athletic vs. Bolton
Sun., May 3, 11:00 a.m. (LIVE) -
Sunderland vs. Everton
[i]All times ET, subject to change
"He believes in the club running itself on a self-sustaining basis, and he obviously must have affection for the club otherwise we wouldn't see his shareholding increase."
The other major shareholders are Danny Fiszman with 16.1 percent and Nina Bracewell-Smith with 15.9.
While the 13-time English champions are out of the Premier League title race, Arsenal has all but secured lucrative Champions League football for next season - a competition it can win this month.
Arsenal hosts English rival Manchester United on Tuesday needing to overturn a 1-0 loss from the first leg of their European semifinal.
Arsenal, which has not won a title since the 2005 FA Cup, has a tradition of being well-run, not paying big transfer fees and relying on talent created through its youth teams.
The Arsenal Supporters' Trust welcomed Kroenke's latest acquisition of shares.
"We were the first shareholders at Arsenal to welcome Kroenke's initial investment. We have since established a good dialogue with him and this will continue," the fans said in a statement. "Our position is that stability and plurality in ownership is to the benefit of Arsenal.
"New chief executive Ivan Gazidis has made a good impression and says he values our role and the importance of custodianship. We hope he will build relationships with all shareholders so that the club has stability off the pitch which is a vital ingredient for success on it."