Arsenal Puts Stan Kroenke In "Pole Position" To Take Control
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Kroenke Showing Interest In
Taking Control Of Arsenal |
Kroenke Sports Enterprises Owner Stan Kroenke, who holds a 12% stake in English Premier League (EPL) club Arsenal is in "advanced talks with Arsenal's hierarchy about a deal to put him in pole position to take control," according to Nick Harris of the London INDEPENDENT. Kroenke, who within weeks will take a spot on Arsenal's BOD, will be given "first refusal on a majority of the club's shares for the next four years." While Kroenke will "not own a controlling stake in Arsenal just yet," the deal will put him "in the box seat to buy control later." Harris notes Arsenal last year "tried to persuade Kroenke to accept a seat on the board," but he was "in no rush." When Kroenke joins the BOD, he will "become party to the privileges of the 'lock-down' agreement governing the 'friends and family' shares." That deal gives Kroenke the "first option on buying other 'lock-down' shares until 2012, as and when they sell." It is "highly likely portions of those shares will be sold to Kroenke in that time." Harris writes Kroenke's place on the board will "send a clear message" to Arsenal co-Owner Alisher Usmanov, who owns just under a 25% share of the club, that the BOD will "do anything to stop Usmanov getting a controlling stake." The news also will be a "major blow to the ambitions" of former Arsenal Vice Chair David Dein, who last year sold his stake in the team to Usmanov and was "hoping to return to Arsenal under an Usmanov regime" (London INDEPENDENT, 6/20).
PEACE TALKS? EPL club Liverpool co-Owner George Gillett, in an interview with Toronto's The Fan 590-AM, said that his "cold war with Liverpool co-owner Tom Hicks is thawing." Gillett: "It's fair to say there has been communication between the Hickses and the Gilletts. It has been substantially improved and I believe it will be for the benefit of the club. ... I believe the Hickses and Gilletts are communicating better with us and us better with them. And that'll be better for the club." Gillett also indicated that he was "shocked with the worldwide response ... when the news broke of the breakdown of his relationship with Hicks." Gillett: "The reaction was so profound that we have to tone it down" (SETANTASPORTS.com, 6/20).
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