Arsenal's chairman to meet Kroenke

With U.S. billionaire Stan Kroenke steeling himself for a hostile takeover of English Arsenal, club chairman Peter Hill-Wood said he would meet with Kroenke.

Hill-Wood seems to be backing off his nationalistic sentiment of a week ago that the club would not follow others into U.S. hands. Hill-Wood recently said of Kroenke that \"we do not want his sort\" and knew \"sweet FA about football.\"

Hill-Wood now admits he has \"spoken to him recently to arrange a meeting so that I can hear what he has to say.\"

A letter to the shareholders added: \"Our managing director, Keith Edelman, has already had one meeting with Mr Kroenke since his investment. His recent acquisition of shares has caused a great deal of media speculation and the board felt that the time is right to reassure you about the future of our club.\"

Hill-Wood\'s letter expresses his doubt about a new owner buying the club in order to profit from it, but reassures supporters that manager Arsene Wenger remains part of the club\'s long-term future.

Kroenke recently increased his stake in the club to 12.19 percent. His interest in Arsenal is understood to be the main reason behind the exit of former vice-chairman David Dein.

Kroenke Sports Enterprises purchased 9.9 percent of the club from ITV. He raised his stake days after \"irreconcilable differences\" between Dein and the Arsenal board prompted Dein to depart.

If Kroenke raises his Arsenal stake to 30 percent, he is obliged by takeover rules to launch a formal bid for the club.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.