By David Gold
May 28 – Stan Kroenke’s takeover of Arsenal has been confirmed by the Premier League, and shareholders wishing to take up his offer for their shares have 14 days to accept.
The sports mogul made a formal takeover bid last month after the death of former Arsenal director Danny Fizsman, who sold his shares to the American.
Kroenke then bought the shares belonging to another former director, Lady Nina Bracewell Smith, taking his shareholding to 66.06 per cent.
The American has now added to his sports empire, which also consists of the American football team St. Louis Rams, basketball’s Denver Nuggets, National Hockey League side Colorado Avalanche and Major League Soccer’s Colorado Rapids.
Arsenal chairman Peter Hill Wood said: “The Club is very pleased to announce that the Premier League Board has confirmed that the change of control processes under the rules of the Premier League have been concluded to its satisfaction in relation to Stan Kroenke’s control of the Club.
“KSE’s offer for Arsenal Holdings PLC is wholly unconditional and we now look forward to a new and exciting phase in the life of the Club.
“The plan is to maintain the PLUS listing provided there are a sufficient number of shareholders for that to be permitted.”
“As the controlling shareholder of Arsenal Football Club, it will always be our intention to do what’s necessary to assure success on the pitch, provide long-term stability and build on the accomplishments and history of the Club.
“We recognise that overseeing the operations of the Club is not only a privilege but a responsibility that will require attention and dedication as the Club strives to reach all of our goals on and off the pitch.
“We will continue to grow the Club’s presence globally while also adhering to the Club’s self-sustaining economic model.
Arsenal have adopted a more conservative financial model than many of their Premier League rivals, and manager Arsene Wenger is notorious for being cautious with any funds made available.
The Frenchman though, is believed to have substantial funds at his disposal and has hinted that he will be “more active” in the transfer market than usual this summer as the club look to end a run of six years without a major trophy.
“The Club has funds to invest and will do so wisely,” Hill-Wood continued.
“Our constant aim will be to compete for silverware and championships.
“The long-term health of the Club is of utmost importance and the Board, chief executive, manager and the wider team will be working hard to achieve success for the Club and our fans, and to play our part in our communities in North London and beyond.
“Arsenal is not about one shareholder, one player or one fan.
“It’s a special institution and we look forward to celebrating that further during the 125th anniversary year of the Club.”
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