Usmanov refusing to sell shares to Kroenke

By Andrew Warshaw

April 13 – Russian billionaire Alisher Usmanov is refusing to sell his stake in Arsenal, seemingly determined to stop majority owner Stan Kroenke from gaining any further control of the Premier League club.

Kroenke, who owns teams in the National Football League and National Basketball Association, this week boosted his shareholding to just under 63 per cent, buying the shares of two other long time investors, Lady Nina Bracewell-Smith and Danny Fiszman, but cannot persuade Usmanov to part with his 27 per cent despite the fact that the Russian would make a profit on selling.

“I’m not going to sell,” the metal magnate said.

“I love Arsenal, that’s why I’m a shareholder.”

Usmanov first took a stake in the club in 2007, through Red and White Holdings Ltd, when he bought 15 percent for £75 million pounds from former Arsenal vice-chairman David Dein.

“My principle in regards to Arsenal is ‘It can’t do without me,'” the Russian told Bloomberg.

Usmanov’s decision means Kroenke will be restricted in terms of how he takes the club forward, a situation welcomed by the The Arsenal Supporters Trust, (AST) which represents small shareholders and does not want the club to be owned by one individual.

“AST welcomes Red & White’s commitment to Arsenal and calls on all shareholders to work together,” it said in a statement.

“Their priorities should firstly be making Arsenal a successful football team, secondly placing no leveraged debt on the club and no dividends or management fees that take money out of club, and thirdly Arsenal Fanshare and supporters being directly involved in the club’s ownership structure.

Usmanov, said to be worth £11 billion, has in the past insisted that his investment is a long-term interest.

In what appears to be a growing battle with Kroenke, it was reported that Usmanov unsuccessfully attempted to block the American’s buy-out in a dramatic move on Sunday night (April 10) when he tried to do a deal of his own.

Contact the writer of this story at zib.l1734844737labto1734844737ofdlr1734844737owedi1734844737sni@w1734844737ahsra1734844737w.wer1734844737dna1734844737