Tonight:
4°c
Stan Kroenke put himself in position to launch a takeover of Arsenal after increasing his stake for the second time this week.
The American businessman bought 200 shares at £8,500 each to take his shareholding to 29.88 per cent — 0.12 per cent off the point at which he is obliged to make an offer for the whole club.
Significantly, 100 shares from today's purchase were bought from Gunners chairman Peter Hill-Wood, further suggesting the American's involvement has the backing of the key members on the board of directors.
Kroenke appears to have frozen out Uzbekistan tycoon Alisher Usmanov, who holds a 25.5 per cent stake.
Usmanov has been critical of the present regime and called for a rights issue to raise money for Arsene Wenger to spend in the transfer market. But Arsenal's fine start to the season, coupled with impressive financial results, have eroded his credibility.
Kroenke has been steadily increasing his stake this year — he bought 5,000 shares from fellow director Danny Fiszman in May — but has remained silent over his intentions ever since buying his initial 9.9 per-cent stake in April 2007.
Hill-Wood retains 400 shares in the club — a 0.6 per cent stake — so given his willingness to sell to Kroenke today, the American knows he has the support to launch a takeover at any time.
For Kroenke to complete a takeover via a “tender offer” he would need to get at least half of the remaining stock. That would mean securing a deal with two of the club's three other major shareholders — Usmanov, Fiszman (16.1 per cent) or Lady Nina Bracewell-Smith (15.9).
