Saturday, February 22, 2020

Kroenke edges closer to Arsenal takeover mark

SoccerNews in English Premier League, MLS 27 Oct 2009

16 Views

United States businessman Stan Kroenke moved closer towards the threshold that would oblige him to launch a takeover bid for Arsenal after purchasing 10 more shares in the English Premier League club.

It was announced on Tuesday that the Denver-based Kroenke, already Arsenal’s largest individual shareholder, had increased his stake to 28.9 percent after buying 10 additional shares at a cost of some 85,000 pounds (138,712 dollars).

That followed his 765,000 pounds (1.249 million dollars) share purchase earlier this month and left Kroenke one percent short of the 29.9 percent mark which, under British company rules, would require him to launch a takeover of Arsenal.

At the London club’s Annual General Meeting (AGM) last week, Kroenke remained silent when asked about his plans.

Gunners chairman Peter Hill-Wood intervened, pointing out that any public statements regarding future bid intentions must be unambiguous, otherwise the individual or group would, under the rules, be prevented from making a formal move for six months.

A statement issued Tuesday said: “On October 26 2009, Arsenal Holdings plc received notification that on October 26 2009 Stan Kroenke, a director of the company, acquired 10 ordinary shares of one pound each in the company at a price of 8,500 pounds per share.

“Taking into account such acquisition, Stan Kroenke has a beneficial interest in, and controls voting rights over, 17,967 ordinary shares in the company, representing 28.9 percent of the company’s issued ordinary shares.”

Last week Hill-Wood tried to allay concerns about the future of the club by telling the AGM: “I don’t think we are looking for a change in custodian.

“I think you will find the club is in pretty good hands.

“I believe he (Kroenke) is happy to be a long-term shareholder in our club.”

ABOUT THE AUTHOR

SoccerNews

Soccernews.com is news blog for soccer with comprehensive coverage of all the major leagues in Europe, as well as MLS in the United States. In addition we offer breaking news for transfers and transfer rumors, ticket sales, betting tips and offers, match previews, and in-depth editorials.

You can follow us on Facebook: Facebook.com/soccernews.com or Twitter: @soccernewsfeed.

SHARE OR COMMENT ON THIS ARTICLE

WE RECOMMEND

Leave a Reply

avatar
 
smilegrinwinkmrgreenneutraltwistedarrowshockunamusedcooleviloopsrazzrollcryeeklolmadsadexclamationquestionideahmmbegwhewchucklesillyenvyshutmouth
  Subscribe  
Notify of
Live Scores

advertisement

Betting Guide Advertisement

advertisement

Become a Writer
More More
Top