April 13 – Stan Kroenke (pictured), the single largest shareholder in Arsenal, has decided to buy the 60 per cent of the NFL team St Louis Rams he does not already own which puts a big question mark over whether he plans to bid for the Premier League club.
The American had been expected to sell his share in the Rams yesterday, freeing up capital in order to make an immediate bid for a full Arsenal takeover.
Indeed, Shahid Khan, the owner of an auto-parts maker Flex-N-Gate Corp., had agreed in February to buy the stake in the Rams.
So Kroenke’s move to buy the remainder of the Rams, rather than towards Arsenal, surprised the NFL.
He said: ”We have exercised our right to purchase the remaining interest in the St Louis Rams football team under the terms of our partnership agreement.”
Kroenke is within 10 shares of owning 30 per cent of Arsenal and if his shareholding reaches that figure then, under UK takeover law, he is compelled to make an offer for the remaining shares.
Lady Nina Bracewell-Smith is seeking a buyer for her 15.9 per cent stake in the club.
The rest of the Rams is owned by Chip Rosenbloom and Lucia Rodriguez who inherited control from their mother, a Georgia Frontiere, a former showgirl who died in January 2008.
Kroenke said: ”We look forward to working with the Rosenbloom family and the NFL.
“We will respect the league and its processes in our efforts to complete this transaction.”
Rosenbloom said he will work with the NFL to complete the sale to Kroenke, who also owns the National Basketball Association’s Denver Nuggets and the National Hockey League’s Colorado Avalanche.
NFL can rules prohibit owners from having a majority share in a team if they hold a controlling interest in a professional franchise in another market, and Khan pointed out that the decision on the Rams’ ownership is now in the hands of the NFL and its owners, adding that his dedication to the team is “as strong as ever.”
“Accordingly, I have advised Chip and Lucia that I intend to remain bound by our agreement and to conclude the purchase if the opportunity presents itself,” Khan said in a statement.
Forbes magazine estimated the Rams are worth $929 million (£607 million), 25th of the league’s 32 teams.
The top-rated Dallas Cowboys are valued at $1.7 billion (£1.1 billion).
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