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Arsenal directors met tonight to discuss whether to raise up to £150 million from shareholders to boost Arsene Wenger's warchest.
Danny Fiszman, 16% shareholder, flew in from Switzerland, and Stan Kroenke, who has a 28% stake, came over from the US for today's meeting.
The issue is the brainchild of Alisher Usmanov, the Uzbeki commodities billionaire who owns 25% of the club but has not been given a seat on the board.
If the board decides in favour of the plan, it will be a major boost to Usmanov who was not present today.
Rothschild advisers presented plans for how a fundraising through a share issue would benefit the club.
However, despite the high-profile meeting, described by insiders as a regular shareholder meeting with other issues, a decision on the rights issue could be weeks, if not months away.
Old Arsenal family money comes in the shape of Lady Bracewell-Smith's 15% shareholding and many believe she could sell up to the Uzbek.
Arsenal needs the money to refinance a £133 million loan, linked to the faltering sale of flats at its old Highbury home.
But fans hope the board will also find money to transform Wenger's underperformers.
Reader views (1)
didnt West Ham pull this stroke on their fans a few years ago?
- Jimfred, London UK, 03/07/2009 00:10
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