The story so far:
March 2007:
Jurgen Mainka, director of communications for Major League Soccer club Colorado Rapids and spokesman for American billionaire Enos Stanley "Stan" Kroenke, states: "There is no interest from KSE in buying any shares of Arsenal or any Premier League club."
59-year old business entrepreneur Stan Kroenke is listed in the "Forbes 400" as one of the richest Americans in the world. He is ranked 153rd on this list - seven places higher than the Glazer family, who owns Manchester United and 89 ahead of Aston Villa owner Randy Lerner. Kroenke's wealth is estimated to be about $2.1 billion and is based primarily on real estate (source: wikipedia).
5th April 2007:
British television network ITV plc have announced they have unconditionally sold their 9.99% shareholding in Arsenal Holdings plc to American Stan Kroenke's KSE UK Inc.
12th April 2007:
Arsenal Holdings plc confirms Stan Kroenke controls a total of 10.22% of the club
18th April 2007:
Arsenal's influential vice-chairman David Dein leaves the club with immediate effect. In a statement, chairman Peter Hill-Wood said: "On behalf of the board I would like to express our gratitude to David Dein for the many years of loyal service he has given to the club [Dein was an Arsenal board member for 24 years]. We sincerely regret that irreconcilable differences between Mr Dein and the rest of the board have necessitated a parting of the ways."
In another statement Hill-Wood tells the Guardian newspaper: "The shareholders would prefer to stay in control than sell out to some stranger. We would be horrified to see ownership of the club go across the Atlantic."
19th April 2007:
Arsenal's manager Arsène Wenger meets the football club's board members as minority shareholders expressed concern that Dein's sudden exit could be followed by Wenger's own departure. Dein was reportedly Wenger's closest ally on the board and was credited as the man behind Wenger's appointment as manager in 1996. While Wenger expressed sadness and disappointment that Dein had left, he also promised to see out the remaining year of his contract.
21st April 2007:
Stan Kroenke revealed yesterday that he has increased his stake in Arsenal Football Club to 12.2%. If Kroenke raises his Arsenal stake to 30% he is obliged by takeover rules to launch a formal bid for the club.
From FT.com:
Peter Hill-Wood: "Why don't we want the American at our club? Call me old-fashioned but we don't need his money and we don't want his sort."
Kroenke increases his Arsenal stake to 12.2%
It's evident that Dein and the other board members had different directions for Arsenal's future, which led to the "parting of the ways." Dein's departure from the board is a big loss for Arsenal, especially when one considers his influence in Football's upper echelons. He'll always have the gratitude of Arsenal fans for introducing Arsène Wenger to the club.
March 2007:
Jurgen Mainka, director of communications for Major League Soccer club Colorado Rapids and spokesman for American billionaire Enos Stanley "Stan" Kroenke, states: "There is no interest from KSE in buying any shares of Arsenal or any Premier League club."
59-year old business entrepreneur Stan Kroenke is listed in the "Forbes 400" as one of the richest Americans in the world. He is ranked 153rd on this list - seven places higher than the Glazer family, who owns Manchester United and 89 ahead of Aston Villa owner Randy Lerner. Kroenke's wealth is estimated to be about $2.1 billion and is based primarily on real estate (source: wikipedia).
5th April 2007:
British television network ITV plc have announced they have unconditionally sold their 9.99% shareholding in Arsenal Holdings plc to American Stan Kroenke's KSE UK Inc.
12th April 2007:
Arsenal Holdings plc confirms Stan Kroenke controls a total of 10.22% of the club
18th April 2007:
Arsenal's influential vice-chairman David Dein leaves the club with immediate effect. In a statement, chairman Peter Hill-Wood said: "On behalf of the board I would like to express our gratitude to David Dein for the many years of loyal service he has given to the club [Dein was an Arsenal board member for 24 years]. We sincerely regret that irreconcilable differences between Mr Dein and the rest of the board have necessitated a parting of the ways."
In another statement Hill-Wood tells the Guardian newspaper: "The shareholders would prefer to stay in control than sell out to some stranger. We would be horrified to see ownership of the club go across the Atlantic."
19th April 2007:
Arsenal's manager Arsène Wenger meets the football club's board members as minority shareholders expressed concern that Dein's sudden exit could be followed by Wenger's own departure. Dein was reportedly Wenger's closest ally on the board and was credited as the man behind Wenger's appointment as manager in 1996. While Wenger expressed sadness and disappointment that Dein had left, he also promised to see out the remaining year of his contract.
21st April 2007:
Stan Kroenke revealed yesterday that he has increased his stake in Arsenal Football Club to 12.2%. If Kroenke raises his Arsenal stake to 30% he is obliged by takeover rules to launch a formal bid for the club.
From FT.com:
Peter Hill-Wood: "Why don't we want the American at our club? Call me old-fashioned but we don't need his money and we don't want his sort."
Kroenke increases his Arsenal stake to 12.2%
It's evident that Dein and the other board members had different directions for Arsenal's future, which led to the "parting of the ways." Dein's departure from the board is a big loss for Arsenal, especially when one considers his influence in Football's upper echelons. He'll always have the gratitude of Arsenal fans for introducing Arsène Wenger to the club.
There are two ways of looking at Hill-Wood's stance:
The finances for the new stadium at Ashburton Grove appears to be in order and Kroenke's interest in Arsenal doesn't necessarily mean he would be as philanthropic as Russian billionaire Roman Abramovich has been for Chelski. So Hill-Wood has every right to recoil at the thought of an American "stranger" motivated by making money out of Arsenal FC.
The finances for the new stadium at Ashburton Grove appears to be in order and Kroenke's interest in Arsenal doesn't necessarily mean he would be as philanthropic as Russian billionaire Roman Abramovich has been for Chelski. So Hill-Wood has every right to recoil at the thought of an American "stranger" motivated by making money out of Arsenal FC.
On the other hand, it's a bit quaint and outdated to declare that "we don't want his sort." The success of the English Premier League has inevitably attracted investors from beyond these shores. Chelski, Liverpool, Manchester United, Aston Villa, Fulham, West Ham & Portsmouth have all been taken over by foreign buyers.
To sniffly declare that "we don't need his money" is missing the point. Our game changed in July 2003, with the entrance of Abramovich at Chelski. It will continue to change and clubs that don't adapt with these changing times could find themselves left behind.
Watch this space....David Dein - the fall-out
Arsenal raise standards too late over flag flying
Why Arsenal are reluctant to venture down America way
No comments:
Post a Comment