Kroenke Increases Stake in Arsenal
The news this morning is that Danny Fiszman has sold 5,000 shares to fellow director Stan Kroenke for £42.5 million. This means that Kroenke is now the second largest shareholder with 20.5%, whilst long time director Fiszman has reduced his stake to 16.1%.
Fiszman is subject to the lock down agreement, under which all the directors agreed not to sell any of the shareholding. Kroenke, however, is not party to this lock down agreement and this could be significant. The Arsenal board agreed to the sale of the share from Fiszman to Kroenke.
Kroenke is no the largest shareholder on the board, this must please Hill-Wood who once stated that “we do not need his sort at this club”.
The board signed a lock-down agreement to ensure that neither Kroenke nor Usmanov were able to take control of the club. This lock-down agreement is looking futile as the now board controls no more that 17.11% of the shares.
Arsenal’s largest shareholder is Alisher Usmanov’s Red and White Holdings. Red and White owns 25%.
Kroenke is at liberty to sell his shares to Usmanov at any time and the board cannot object. Furthermore, through their decision to sack Lady Nina Bracewell-Smith in December, the board has another large shareholder (15.9%) who is also at liberty to sell her shareholding.
This sale means that Arsenal is now available for a takeover, whether this is by Kroenke or Usmanov or even a combination of the two is anyone’s guess, but that the club will have new majority shareholders by the new season is not in doubt. Any takeover will see David Dein back at the helm, as it was Dein who introduced Kroenke to Arsenal and he still has a good relationship with him.
Alisher Usmanov 25%
Stan Kroenke 20.5% (board member – not subject to lock-down agreement)
Danny Fiszman 16.1% (board member)
Lady Nina Bracewell-Smith 15.9%
Richard Carr 4.4%
Peter Hill-Wood 0.8% (board member)
Lord Harris of Peckham 0.08% (board member)
Ken Friar 0.07% (board member)
Sir Chips Keswick 0.06% (board member)
Read How Arsenal’s Ownership has Changed this season: