Source: Eurosport
Kroenke increases Gunners stake
Stan Kroenke has purchased another 427 shares in Arsenal's parent holding company, at a cost of some £3.6million, as the American edges closer towards the takeover threshold.[LNB] The Denver-based sports magnate is now the largest individual shareholder in the Gunners, with a stake of some 29.6% after acquiring more stock from the estate of the British industrialist Ernest Harrison.[LNB] Should Kroenke, or indeed anyone else such as second-largest shareholder Alisher Usmanov, reach a figure of 29.9%, they would, under the City's financial regulations, be obliged to launch a formal takeover bid.[LNB] However, when the matter of his intentions for the Barclays Premier League club were directly questioned during the recent Annual General Meeting at Emirates Stadium, the American - nicknamed 'Silent Stan' - chose not to take the opportunity to address the gathered shareholders, with chairman Peter Hill-Wood intervening.[LNB] Any public statements against future bid intentions must be unambiguous, otherwise the individual or group would, under the Takeover Panel's rule 2.8, be prevented from making a formal move for six months.[LNB] While Hill-Wood insisted major changes behind the scenes were not on the agenda, the Arsenal chairman has also suggested he was "very relaxed" about a proposed takeover by the American.[LNB] The Arsenal Supporters Trust, meanwhile, believe the latest moves do not mean a takeover from Kroenke is imminent.[LNB] However, the fans group, whose representatives have travelled to the United States to meet Kroenke, stressed that were that position to change, "urgent discussions" would be necessary.[LNB] A statement from the AST read: "While the AST welcome Stan Kroenke's involvement, we agree with the sentiment of Peter Hill-Wood's statement at the most recent AGM that there is no need for any shareholder to launch a takeover of the club.[LNB] "The AST believes in plurality of ownership. If a takeover is launched by any party, we would seek urgent discussions with those involved."
