Arsenal FC to Go under American OwnershipFeatured News, Sports Monday, April 11th, 2011
Arsenal FC of London will become the 10th Premier League side to fall into foreign ownership, as American businessman Stan Kroenke has increased his shareholding in Arsenal to 62.89%, and indends to make an offer for the rest of the club.
Kroenke is Arsenal’s largest single shareholder, and a board member of the club, the full takeover being triggered after Kroenke Sports Enterprises acquired the stakes of Danny Fiszman (16.1%) and Lady Nina Bracewell-Smith (15.9%).
Arsenal shares are priced at £11,750 and the club’s value at £731 million in the offer agreed. Adding the club’s debts of £147 million, the worth of the north London outfit can be put close to £900 million.
“The offer will not be funded by way of any debt finance (banks loans, payment in kind loans or other debt or quasi-debt interest bearing obligations) for which the payment of interest on, repayment of or security for any liability (contingent or otherwise) will depend on the business of Arsenal,” said the statement to the stock exchange.
“We are excited about the opportunity to increase our involvement with and commitment to Arsenal,” said Kroenke, whose company also controls basketball’s Denver Nuggets, ice hockey side Colorado Avalanche, American football team the St Louis Rams, and Major League Soccer club the Colorado Rapids. “Arsenal are 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. I am delighted that Peter Hill-Wood has agreed to support us by continuing as chairman.”
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