Kroenke Reportedly Lining Up Support For Arsenal Takeover
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Stan Kroenke Said To Be Eyeing
$1.3B Takeover Of Arsenal
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Kroenke Sports Enterprises Owner Stan Kroenke is plotting a US$1.3B takeover of Premiere League club Arsenal, “calling in JP Morgan for advice and possible financial support,” according to Richard Wachman of the London OBSERVER. JP Morgan helped finance Malcolm Glazer’s takeover of Manchester United. Kroenke believes that Arsenal’s biggest shareholder, BOD member Danny Fiszman with more than 24%, “could be persuaded to cut his stake.” Fiszman recently sold Kroenke a “small parcel of shares.” As of Friday, Kroenke owns 12.19% of the club. An investment banker said, “What I see here is a repeat of what happened at Manchester United when the Glazer family were able to vote off directors from the Man United board and disrupt the running of the club until key shareholders eventually agreed to sell” (London OBSERVER, 4/22). In London, Brian Doogan wrote while the board has pledged not to sell their stakes, Kroenke could increase his stake to 26.6% should former Vice Chair David Dein decide to sell his shares. If Kroenke reaches 30%, he is required to launch a formal takeover bid (LONDON TIMES, 4/22). Also in London, David Bond wrote the BOD, in removing Dein and outlining their intent not to sell their shares for at least a year, have “made it clear that they will not give up without a fight” (TELEGRAPH, 4/20).
INTERNAL COMBUSTION: While reports last week said Dein resigned because he favored a takeover by Kroenke, former Arsenal advisor Alex Fynn “claims [the] disagreement between Dein and the other eight board members has been building.” Fynn: “Dein says that every morning he looks in the mirror and sees imprinted on his forehead the words ‘Get a winning team.’ The other directors’ priority has been the building of a new stadium, so it was inevitable it would come to a head once the nature of the game changed. Chelsea raised the bar, and it was met by Manchester United and Liverpool but not by Arsenal” (London INDEPENDENT, 4/22). Arsenal manager Arsene Wenger on Saturday “ended the growing doubts about his future with Arsenal by revealing that the club will soon appoint a director of football [to replace Dein] who will be his personal choice” (London OBSERVER, 4/22). In London, Tom Dart wrote Dein “is believed to have told [Wenger] that he will return to Arsenal if Stan Kroenke buys the club” (LONDON TIMES, 4/21).
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Wenger Is Expected To Stay
With Club Following Takeover |
VOCAL MINORITY: The TELEGRAPH’s Sam Wallace reported senior Arsenal execs “have contacted individuals among the fans’ groups asking for support.” Wenger “added his voice to those who believe Arsenal are better off without a new owner.” Arsenal Chair Peter Hill-Wood: “Americans are buying up chunks of the Premiership not because of their love of football but because they see an opportunity to make money. Our objective is to keep Arsenal English” (INDEPENDENT, 4/21). The TELEGRAPH’s Mark Choueke wrote some shareholders have accused the Arsenal BOD of “behaving irresponsibly by refusing to meet” with Kroenke. A spokesperson for Arsenal Supporters Trust, whose 350 members own nearly 2% of the team, said the BOD “has the duty to meet and talk to him on our behalf, a view reflected across our membership.” Another shareholder said, “The board has acted emotionally rather than responsibly” (TELEGRAPH, 4/22). Arsenal Supporters Trust co-Founder Richard Irving, who will meet with Kroenke this week, in an Op/Ed wrote, “Kroenke operates a well-regarded sporting business in the United States that will enhance the sports marketing and commercial experience available to Arsenal. We now want to hear what Kroenke feels he can add to Arsenal” (INDEPENDENT, 4/21).
FOREIGN INTEREST: Sources said that “at least four other top clubs are being targeted by American billionaires,” including Manchester City, Newcastle, Reading and Fulham (London OBSERVER, 4/22). ESPNSOCCERNET.com reports former Thailand Prime Minister Thaksin Shinawatra “is reported to be considering a [US$185M] buy-out of Manchester City” (ESPNSOCCERNET.com, 4/23).
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