Stan Kroenke Increases Stake In Arsenal
The American sports mogul has increased his stake to 28.58 per cent.
10-Jul-2009 3:37:35 PM
Stan Kroenke has continued to consolidate his position as Arsenal's majority shareholder by increasing his share in the club by 0.28 per cent.
The American tycoon was initially viewed with scepticism by other board members when he began his flirtations with the club, but these doubts have since quelled as he was offered a place on the board last year.
The further accumulation of minority shares sees Kroenke slowly edge closer to being obliged to launch a formal takeover of the club, as per a London Stock Exchange ruling that implies that when one holder reaches a 30 per cent stake, they are to then make an offer for the remaining shares.
According to a Sky Sports report, Kroenke has little intention of making a formal takeover bid, with club chief executive Ivan Gazidis commenting on the capital structure as "efficient".
Kroenke now has a 28.58 per cent stake.
Alisher Usmanov is the club's second largest shareholder, owning a 25 per cent stake. The Uzbek oligarch had a proposal for a rights issue of new shares that would raise funds for potential new recruits rejected by the board earlier this month.
Alan Dawson, Goal.com
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