Archive for March 30th, 2009

Kroenke takeover moves ever closer

Add comment March 30th, 2009

So today, against all conceivable odds, we actually have some proper, bona fide news.  Danny Fiszman has sold 5000 shares to American investor Stan Kroenke.  That means that Fiszman’s holding drops to 16.1%, with Kroenke’s jumping to 20.5%, making him the board’s highest shareholder.

I have to credit the club, who have backed the announcement with two very detailed interviews – one with Fiszman himself, and the other with the increasingly impressive new CEO, Ivan Gazidis.  The question that opens the interview with Fiszman provides the most telling response:

“I strongly believe that Stan Kroenke has an important role to play in the future of Arsenal Football Club. He has already brought considerable knowledge and experience to the Board, and I have no doubt that he will continue to be an asset to the Club. While I thought long and hard about selling any shares, I believe that Stan’s increased holding is a positive development for Arsenal Football Club.”

Gazidis, meanwhile, has moved to reassure fans about Kroenke’s intentions as regards his shareholding:

“Stan is a long-term holder in everything that he does. In the sports arena he has never sold a share in any team he has had an interest in. I have spoken to Stan and he has a long-term interest in Arsenal and, as I have said, believes in the philosophy of the Club. He is going to ensure we have continuity in the traditions of the Club.”

And Kroenke himself has seconded that sentiment in a typically brief statement:

“After having been invited to join the Board last year I am delighted to be able to increase my shareholding in Arsenal. I will continue to work closely with my Board colleagues to maintain the stable environment in which the Club operates and to preserve the self-sustaining business model enjoyed by the Club.”

I ought to point out at this stage that I don’t feel particularly qualified to comment on the ownership structure of huge companies such as Arsenal.  This is a football blog, not a business blog, and so any assessments I make will be, at heart, speculative ramblings.  That little disclaimer out the way, I think that with Usmanov having overtaken Fiszman as the largest shareholder in the company this probably felt like a good time for a deal to be done – so much so that the lockdown agreement has been overrided for the deal to take place.

One feels that with the threat of the Uzbeki looming ever larger (quite literally), Kroenke is being pushed to the front as the man with the financial muscle to lead the fight.  I’m sure the £40m or so Fiszman has picked up will soften the blow of no longer being the board’s fiscal figurehead.

All this talk of preserving the clubs traditions seems like preamble to a bigger move.  The board are attempting to make Kroenke the acceptable face of foreign ownership, and compared to Usmanov, he certainly is.  That’s not to say I support a takeover, but if the board have to jump into bed with one of the two, then I think they’ve certainly picked the right one.  The same stands if they have to do business with one of them.

More reaction tomorrow.


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