Fiszman death sheds light on Kroenke Arsenal move

Days after American businessman Stan Kroenke took control of Arsenal, the club has announced that Danny Fiszman, one of the shareholders who sold his stake to the American, has died.
 
Fiszman, who acquired his stake in the Gunners and became a director in 1992 had been fighting cancer and died just after relinquishing his 16.1 per cent holding in the London club. Gunners chairman Peter Hill-Wood described him as a "visionary director, gentleman and true Arsenal fan".
 
He had been living in Switzerland for many years but often travelled to the Emirates for home matches. Fiszman was also a key player in Arsenal's move from Highbury to their new home in 2006, regarded as one of the canniest and best-managed enterprises undertaken by a football club in recent years.
 
His death would also appear to shed some light on the logistics of Kroenke's takeover.
 
Kroenke (above) had held a 29.9 per cent stake in the club for over a year and was just 10 or so shares short of triggering a clause in the Arsenal rules that would force him to bid for the entire club.
 
He and Alisher Usmanov, the Uzbek billionaire who holds a 27 per cent stake in the club, were both thought to be interested in a takeover.
 
It was also known that another of Arsenal’s biggest shareholders, Lady Nina Bracewell-Smith, was anxious to offload her 15.9 per cent stake. However, had either Kroenke or Usmanov bought her out it would still have left them short of a 50 per cent holding and that could have triggered a takeover war with both men - and possibly outside investors - fighting to reach a majority holding.
 
Fiszman, who was gravely ill, was keen to get his affairs in order before his death and agreed to sell to Kroenke, thus preventing a boardroom struggle.
 
By buying the combined shares of Bracewell-Smith and Fiszman, Kroenke lifted his stake to more than 60 per cent meaning that he would still have control of the club even if other shareholders refused to sell to him.
 
As it transpires, that is exactly what has happened, with Usmanov announcing that he will hold on to his 27 per cent stake, even though selling at the price offered by Kroenke would have made him a tidy profit. The Uzbek said: "My principle in regards to Arsenal is that it can't do without me."
 
Although not a universally popular figure at the Emirates, Usmanov's decision has been welcomed by the Arsenal Supports Trust (AST), which owns three per cent of the club.
 
Had Usmanov agreed to sell, Kroenke would have acquired more than 90 per cent of the club’s stock and that could have led to the mandatory de-listing of all the remaining shares. Because that has  not happened, the fans can retain their stake and still have a say in the running of their club. ·