Rangers' Whyte sells club's historic Arsenal shares to Usmanov

By David Gold

February 23 – Glasgow Rangers owner Craig Whyte (pictured) has severed the club’s historic link with Arsenal by selling shares the Scottish champions owned in the Premier League side to their minority shareholder Alisher Usmanov.

Usmanov has been busy purchasing Arsenal shares in a bid to take him over the 30 per cent stake mark, which would give him access to the club’s accounts as well as detailed breakdowns of wage and transfer costs.

His Red and White Holdings company currently owns 29.63 per cent of Arsenal shares.

He began his bid to reach the 30 per cent mark after he lost the battle to take over the London club to American businessman Stan Kroenke.

Kroenke bought shares belonging to Lady Nina Bracewell-Smith and the late Danny Fiszman last April, shortly before the latter passed away, to take control of Arsenal.

Before Whyte took over Rangers last year, the Scottish giants owned 16 Arsenal shares, which dated back over 100 years, originally purchased to help the Gunners with financial problems.

Scot George Morell became manager of Woolwich Arsenal in 1908 and when the club fell on tough times he used his influence back in Glasgow to convince Rangers to buy two shares, then worth £1 ($1.56/€1.18) each.

In the 1930s Arsenal, as a token of their appreciation, gifted Rangers 14 more shares.

Selling the shares made Rangers £230,000 ($361,000/€272,000), and is something that had been considered in 2007, according to The Daily Record.

That was apparently ruled out because it was felt selling the shares would “be a slight on Arsenal”, according to Rangers historian David Mason.

Criticism of Whyte’s decision to do away with the shares has come from former club legend John Greig (pictured left), who said: “I am deeply saddened by this.

“I always held that these shares, which are a vital part of Rangers’ heritage, should never be sold.

“Now they’re gone.

“Rangers were built on strength of character and achieved a significant standing in football.

“There was integrity and I worry about that being lost too.

“But those shares should never have been sold.

“They were about something more than money.”

Rangers, who were placed in administration last week as a result of an unpaid £9 million ($14 million/€11 million) tax bill which HMRC are trying to claw back, have not commented on the reports.

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