Arsenal fans reassured: ‘Kroenke is no Glazer’

American billionaire Stan Kroenke has moved to allay the fears of Arsenal supporters that his takeover of the club will be similar to that of Manchester United by the Glazer family and and that the change of ownership will not lead to a change in the way the club operates - but there are fears that once installed at the helm he could still use Arsenal's assets for his own ends.

The businessman, who first brought into the club four years ago and has now agreed to up his stake to more than 60 per cent, pledged not to saddle the club with the kind of debt that Manchester United now face and promised to continue with Arsenal's self-sustaining business model. He said that he wanted to retain the existing board of directors, including chief executive Ivan Gazidis and chairman Peter Hill-Wood.

More importantly for Gunners fans Kroenke described Arsene Wenger as a "wonderful" manager and made it clear that he was not under pressure as supporters contemplate the prospect of a sixth successive season without any silverware.

The main concern at the Emirates is how the deal to buy the club will be financed. When the Glazer family brought United in 2005 they used the club's assets as security to raise the money for his purchase, a financial manoeuvre that left the club with large debt repayments hanging over it.

In his statement to the stock exchange Kroenke said the takeover "will not be funded by way of any debt finance... [that] will depend on the business of Arsenal."

How much money is needed also depends on whether the second largest shareholder Alisher Usmanov decides to sell his share of the club. Kroenke has agreed to buy the 32 per cent of the club owned by Lady Nina Bracewell-Smith and Danny Fiszman, and by doing so has had to make an offer for all the stock. But it seems unlikely that Usmanov will sell his entire share in the club.

Kroenke says he does not expect to end up with  more than 90 per cent of the club and also says he intends to keep the club on the stock exchange, allowing the minor shareholders to maintain their interest in Arsenal.

That announcement has been welcomed by the Arsenal Supporters' Trust, which does not want the club to go into private ownership and last year launched a scheme giving fans the chance to buy shares of shares in the club (which have been valued at around £11,500 each).

But despite widespread pronouncements from people within his circle that "Kroenke is not a Glazer", pessimistic Gunners fans will be concerned that there is nothing in the agreement to prevent Kroenke from using the money made by Arsenal to service debts elsewhere in his business empire. And the Guardian outlined how he could still use dividends and the club's cash reserves to his own ends. ·