Arsenal Supporters' Trust welcome Kroenke but remain determined not to sell shares

By David Gold

April 12 – The influential Arsenal Supporters’ Trust (AST) has issued a statement insisting that it wants to remain a part of the club’s ownership structure and will not be selling shares acquired through the Arsenal fanshare scheme to American Stan Kroenke, who mounted a takeover of the club this week.

The scheme has 1,800 members, who have collectively invested £500,000 ($815,000) in club shares, amounting to a three per cent equity stake.

The Trust’s statement read: “Arsenal is too important to be owned by any one person.

“The AST wants to work with Kroenke to keep Arsenal supporters involved in the club’s ownership structure.

“The AST and the Arsenal Fanshare scheme will not be selling the shares it owns and urges all supporters to reject this offer.

United States businessman Kroenke reached an agreement over the weekend to buy the shares belonging to Danny Fiszman and former board member Lady Nina Bracewell-Smith, which means he now owns 62.89 per cent of the club’s shares.

The Culture Secretary Jeremy Hunt has added his voice to those calling on Kroenke to continue to work with the Arsenal Fanshare scheme as part of the club’s ownership structure.

But the Trust were positive in their assessment of the American, though they said that they were keen for Alisher Usmanov’s Red & White Holdings to retain their stake in the club.

“The AST is encouraged that Kroenke’s offer states he does not intend to ‘de-list’ Arsenal from the PLUS markets,” they said.

“AST is encouraged to hear Red & White [Holdings] plan to keep their shares.

“They have previously stated their long-term commitment to the club and this decision would be a good demonstration of that.”

Usmanov’s stake, which amounts to approximately 27 per cent of the club’s shares, is enough to prevent a major restructuring of the club’s capital, but beyond that his influence would be limited.

The Uzbek billionaire has remained tight lipped since the announcement of Kroenke’s takeover of the club.

Sources close to him suggest that he will not be selling his shares and does not need the money, given his £11 billion ($18 billion) wealth.

He has in the past insisted that his investment is a long term interest, but with Kroenke seizing the upper hand in the battle between the pair for control of the club to such an extent that is seems impossible for Usmanov to reverse the balance of power, it may now be tempting to push for a hard bargain and sell his shares for as high a price as possible.

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