Arsenal, the London soccer team girding itself against a possible takeover by Russian billionaire Alisher Usmanov, said it held a “positive meeting” with shareholder Stan Kroenke.
“The meeting falls in line with the club’s intention to maintain an open dialogue with large shareholders,” Arsenal said in a Newstrack statement today.
U.S. billionaire Kroenke may be pivotal in the battle for control of London’s most successful soccer team. He’s built a 12 percent stake and could trigger an offer by Usmanov if he decides to sell the stake to him. Under U.K. takeover rules, Usmanov, with 23 percent, would have to make a bid if his stake reaches 30 percent.
Kroenke was given the “red-carpet treatment” at Arsenal’s Emirates Stadium yesterday, the Times newspaper reported today. He spent about two hours being shown around by Managing Director Keith Edelman, it said.
Arsenal’s new willingness to woo the owner of Colorado- based Major League Soccer, National Hockey League and National Basketball Association teams contrasts with its former opinion of him. Gunners Chairman Peter Hill-Wood said of the American in April, “we don’t want his sort.” Arsenal also met Kroenke in New York in June, Edelman said Sept. 24.
The board of Arsenal is determined to defend itself against Usmanov. Directors, who control almost 46 percent of the stock, have undertaken not to sell their shares until at least April, and may extend that commitment.
Shares Doubled Usmanov told U.K. newspaper journalists in Moscow this week that his long-term ambition is to buy the club, the U.K.’s biggest by sales. He’s the second-largest shareholder behind director Danny Fiszman, who holds 1 percentage point more.
Shares in Arsenal have more than doubled in a year to a record, valuing the equity at 644 million pounds ($1.31 billion). Including 260 million pounds of debt accumulated building the Emirates, any purchase would eclipse the record 790 million pounds U.S.
billionaire Malcolm Glazer paid for Manchester United in June 2005.
Chasing a 14th league title, Arsenal is unbeaten atop the Premier League with 19 points from seven games. Defending champion United is two points behind having played a game more.
