Usmanov raises stakes in Kroenke takeover battle

By David Gold

May 25 – Arsenal’s second largest shareholder, Russian billionaire Alisher Usmanov, is attempting to block Stan Kroenke’s bid to take full control of the Premier League club.

Kroenke became the majority shareholder last month after buying the stock belonging to Lady Nina Bracewell-Smith and the late Danny Fizsman.

As a result, the American billionaire was forced to table a formal takeover for all the club’s shares, though the Arsenal Supporters’ Trust (AST) has since indicated that they would not be selling their eight per cent holding, as well as encouraging Usmanov to retain his stock.

“We still advise small shareholders to hold their shares because it’s about joint custodianship of the club,” said AST spokesman Tim Payton.

The Russian has been purchasing shares at £14,000 ($23,000) each from minority holders in recent weeks, in doing so increasing his shareholding slightly to just over 27 per cent.

It represents a £1,500 (£2,458) increase on the £12,500 (£20,485) he has been paying for shares to date, and a spokesman for Usmanov’s Red & White Holdings Ltd, which the Russian created to purchase club stock, indicated that formal offers could be sent in the next day.

Kroenke, who owns approximately 64 per cent of the club, has offered £11,750 (£19,256) per share to holders who have until Friday to accept his offer.

Usmanov has also made it clear that he does not intend to sell his shares to Kroenke, whilst the American has refused to meet his counterpart to discuss plans for the club going forward.

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