American set to take control of Arsenal

LONDON (AP):

American investor Stan Kroenke is set to take control of Premier League club Arsenal and end the long-running uncertainty about the ownership, according to a supporters' group.

The Arsenal Supporters' Trust (AST) told The Associated Press yesterday that Kroenke plans to raise his holding from just under 30 per cent to 62 per cent, exceeding the 50 per cent threshold that gives him legal control.

The AST, whose members own around 3 per cent of the club, said an announcement is to be made today that Kroenke has agreed to buy the shares of Danny Fiszman and Nina Bracewell-Smith. Each of them has a 16 per cent stake in Arsenal, which is listed on London's Plus Market.

compulsory purchase

By taking his holding beyond 50 per cent, Kroenke would be obliged to make a formal offer for the remainder of the shares at around £11,500 ($19,000) each. If he reaches 90 per cent, he can compulsorily purchase the remaining shares.

Four other Premier League clubs are owned by Americans - Malcolm Glazer at Manchester United, John Henry at Liverpool, Randy Lerner at Aston Villa and Ellis Short at Sunderland - while Chelsea, Manchester City, Fulham, Blackburn and Birmingham are also owned by foreigners.

Kroenke, who also owns the NBA's Denver Nuggets and the NHL's Colorado Avalanche, is already Arsenal's largest shareholder and a director.

The next largest shareholder, Russian businessman Alisher Usmanov, owns more that 27 per cent through Red & White Holdings, but has not been invited on to the board of directors.