Arsenal under US control after Kroenke launches takeover

By Andrew Warshaw

April 11 – Arsenal, one of the great institutions of English football, are poised to become the latest Premier League club to fall into foreign hands after American businessman Stan Kroenke took a controlling stake in the North London club.

Kroenke Sports Enterprises (KSE), which has been gradually increasing its stake in Arsenal since first buying 9.9 per cent of shares in 2007, have upped their current stake from 29.9 per cent to just under 63 per cent after reaching agreements to buy the shares of the overseas-based Danny Fiszman and Lady Nina Bracewell-Smith.

“We are excited about the opportunity to increase our involvement with and commitment to Arsenal,” Kroenke said in a statement to the Stock Exchange after seizing control.

“Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger.

“We intend to build on this rich heritage and take the club to new success.

“We especially wish to acknowledge and thank the board, Danny Fiszman and the Fiszman family as well as Lady Nina Bracewell-Smith and her family for the confidence they have had in me over the past years and in allowing us to move forward in this more prominent role.”

KSE already own NBA basketball franchise the Denver Nuggets, the Colorado Avalanche NHL ice hockey team and Major League Soccer side the Colorado Rapids.

Kroenke was already Arsenal’s largest shareholder and his main focus will now be trying to purchase the stake of Russian billionaire Alisher Usmanov, who does not have a seat on the board but controls 27 per cent of the club’s holding company.

Kroenke’s historic move, which values the club at £731 million ($1.2 billion), closes a long-running battle for control and marks the end of an era at Arsenal.

It takes the number of top-flight English clubs under foreign ownership to 10 – exactly half the Premiership.

Four years ago, Arsenal chairman Hill-Wood famously stated the club did not want Kroenke’s “sort” but while other clubs under foreign ownership have been saddled with debt, Kroencke has proved shrewd and reliable.

“The board of directors and I consider it a key responsibility to protect the ethos and spirit of the club,” said Hill-Wood, who is to remain as chairman.

“Mr Kroenke, although relatively new to Arsenal, has shown himself to be a man who values and respects the history and traditions of this very special club that we cherish.

“We are confident that he will be a safe custodian of its future.”

Wenger also welcomed the move, which could well trigger a change of philosophy by the club who have traditionally spent wisely and prudently under the Frenchman but may well now start investing more heavily in players having won no trophies for the best part of six years.

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