£40m... now go spend it
STAN KROENKE hopes to complete his £500million takeover at Arsenal - and immediately urge Arsene Wenger to increase his transfer spending.American Kroenke has increased his stake in the club to nearly 63 per cent after buying another £233.2million of shares.
Yet with Arsenal not winning a trophy since 2005, Kroenke hopes boss Wenger will use the £40m available for strengthening.
A full takeover bid was triggered, as SunSport revealed yesterday, after Kroenke acquired the stakes of Danny Fiszman (16.1 per cent) and Lady Nina Bracewell-Smith (15.9 per cent).
With Arsenal's shares priced at £11,750 each, the club is valued at £731m.
Kroenke, 63, who boasts a large portfolio of American sports teams, said: "We are excited about the opportunity to increase our involvement with and commitment to Arsenal.
"Arsenal are a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger.
"We intend to take the club to new success. I am delighted Peter Hill-Wood has agreed to support us by continuing as chairman."
Mega-rich Kroenke, on the board since 2008, is now hoping to buy the rest of the club's shares although he will not sink any of his personal fortune into the club.Most of the remaining shares are held by billionaire Alisher Usmanov, who is 'considering' whether to sell his 27 per cent.
Boss Wenger said: "I have worked with Stan Kroenke over the past couple of years and I believe he has the best interests of Arsenal at heart.
"He understands the club's heritage and traditions and our ambition to run the club in a way which protects our long-term future."
Arsenal chairman Hill-Wood said: "The board of directors and I consider it a key responsibility to protect the spirit of the club.
"Mr Kroenke, although relatively new to Arsenal, has shown himself to be a man who values and respects the history and traditions of this very special club.
"We are confident that he will be a safe custodian of its future."
Arsenal chief executive Ivan Gazidis said: "Arsene's under a long-term contract that runs until 2014.
"It's the end of an era but it's also the beginning of an era. I don't think there will be dramatic changes involved.
"Mr Kroenke has stated that he's supportive of a self-sustaining business model.
"At the same time, I think that Mr Kroenke brings experience in the sports arena."
Source: THE SUN
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Arsenal Football Club - ლონდონის არსენალი, [Vol.36] - Game Over
