Big Move: BILLIONAIRE Joins Arsenal Board
Posted on 19. Sep, 2008 by Milox in Premiership
Arsenal have this morning announced that American billionaire Stan Kroenke has accepted an invitation to join the Gunners Board of Directors.
Kroenke owns a reported 12.19 per cent stake in the club and it is thought that other club directors have finally decided to invite him onto the board at the Emirates to starve off a take-over bid from Russian Alisher Usmanov, who holds a 14.58 per cent stake.
A statement on Arsenal’s official website read: ‘It has been announced today that E. Stanley Kroenke has accepted the Board’s invitation to become a director of Arsenal Holdings PLC (”Arsenal”) as a Non-Executive Director.
‘Mr Kroenke is the shareholder in Kroenke Sports Enterprises (KSE), the leading live sports and entertainment group based in Denver, Colorado. In April this year KSE acquired from ITV plc a 50% share in Arsenal Broadband Limited and at the same time entered into a strategic partnership with the Club through Colorado Rapids, the KSE franchise. Mr Kroenke holds approximately 12.4% of Arsenal’s issued share capital.
‘Mr Kroenke fully supports the approach the Board has taken in setting the direction of the Club. The Board believes Mr Kroenke’s experience in sports team commercial management, sports marketing, media and new media rights as well as real estate development will be of great value to the Board.
‘Mr Kroenke has confirmed that he will not increase his shareholding beyond 29.9% of Arsenal’s issued share capital within the twelve months following the date of this announcement, save as specified in this announcement.’
Arsenal Chairman, Peter Hill-Wood, goes onto say: “We are delighted to welcome Stan to the Board of Arsenal. He brings with him a wealth of experience through his direct involvement in sports clubs in the US and we expect to benefit from his commercial insights and knowledge.”
And the Gunners website also quotes Kroenke, who said: “It is a real honour to be invited to join the Board of Arsenal given its pre-eminent reputation and position in football world-wide. I hope that my background in sports management will be an asset to Arsenal in its commercial dealings going forward.”
The official statement finishes by stating: ‘Mr Kroenke, and any person who has acted in concert with him or any person who is subsequently acting in concert with him, reserves the right to increase his shareholding beyond 29.9% of Arsenal’s issued share capital within twelve months, and to take any other action which would otherwise be precluded under Rule 2.8 of The City Code on Takeovers and Mergers, with the agreement of the Board of Arsenal or following the announcement of an offer or possible offer for Arsenal or if there is a material change of circumstances.
‘Mr. Kroenke is not a party to the lockdown agreement which was signed by the other directors of Arsenal in October 2007.’
[Guardian-Series]
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