Kroenke finally launches takeover bid at Arsenal

After a cat-and-mouse game lasting more than three years, American businessman Stan Kroenke has finally launched a formal takeover bid for Arsenal after agreeing a deal to double his stake in the club.
 
For the last 18 months the reclusive billionaire has owned 29.9 per cent of the club. Under Arsenal rules anyone who acquires a 30 per cent stake must bid for all the other shares, and now that Kroenke has agreed to buy out non-executive director Danny Fiszman (who owns 16.1 per cent) and Lady Nina Bracewell-Smith (15.9 per cent) his takeover is on.
 
It is reported that Kroenke, who also owns the St Louis Rams American football franchise and various other US sports teams, has also agreed terms for the purchase of the remaining stock, at a price that values the club at £731m. That equates to a price of around £11,500 per share.
 
Almost all of the remaining stock belongs to the other player in the long-running takeover saga, Uzbek businessman Alisher Usmanov.
 
Both Kroenke and Usmanov were thought to be positioning themselves to make takeover bids, and it seems Kroenke has beaten his rival to the punch.

Kroenke first bought into the Gunners in 2007 when he purchased a 9.9 per cent stake. Since then he has gradually upped his holding until he reached 29.9 per cent in late 2009. Usmanov arrived on the scene later and was closing in on the 30 per cent mark with a holding of some 27 per cent.
 
Last year the American, known as 'silent Stan' because he never speaks to the press, took control of the St Louis Rams, but under NFL rules had to hand over control of two of his other sports teams, basketball's Denver Nuggets and the Colorado Avalanche ice hockey outfit to his son, Josh. His company, Kroenke Sports Enterprises, also owns Colorado's football and lacrosse teams.
 
The 63-year-old businessman had hoped to become a basketball player but injury ended his hopes of making it as a professional. Instead he launched a successful business career, initially making his money developing shopping malls.
 
Kroenke is said to be worth around $2.7bn and so would have no problem raising the money for the Arsenal takeover. But even if he does fall on hard times he could always ask his wife, Ann, for a helping hand. She is a member of the Wal-Mart family and is said to be even richer than her husband, with a fortune of almost $3bn.
 
Despite his ownership of famous sports franchises, Kroenke keeps a very low profile. He was once described by the New York Times as "a man without anecdotes".
 
It remains to be seen what the Kroenke takeover will mean for the Gunners but attitudes towards the American have certainly softened over the last few years, possibly because he was seen as the lesser of two evils when compared to Usmanov.
 
When Kroenke first brought into the club, chairman Peter Hill-Wood said he did not want "his sort" at the club. But he appeared to welcome his takeover bid. "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 that we cherish. We are confident that he will be a safe custodian of its future," said Hill-Wood.
 
Manager Arsene Wenger also seemed comfortable with the prospect of an American owner. He said: "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." ·