Arsenal insists it will not be taken over

Despite numerous suitors, English Arsenal director Keith Edelman said the club will not be taken over.

Arsenal has had to deal with the machinations of U.S. billionaire Stan Kroenke, who has a foothold in the club with 12.2 percent. The club also has been subject to a recent rumour that Formula One's Bernie Ecclestone will buy out the club.

Kroenke was able to accumulate a percentage of the club before the board enacted a no-sell policy, stopping what seemed like a takeover attempt. With Arsenal board members signing on to the no-sell pact, the club's leaders have tried unsuccessfully to get Kroenke to agree to a no-buy clause that would last a year.

"Stan Kroenke is now a 12.2 per cent shareholder, and we welcome him as a shareholder to Arsenal Football Club. But really that is the beginning and the end of the story at this juncture," Edelman said on the club's website.

Now entering the picture is Formula One leader Eccelstone, who has a fortune near GBP 3 billion. Eccelstone has not denied an interest in the club, but said he has not talked to anyone there. Eccelstone also considered a move on English Chelsea in the past.

Both he and Kroenke were well acquainted with former vice-chairman David Dein, who split ways with Arsenal earlier this year in a disagreement over the Kroenke bid. Dein backed Kroenke's move on the club.

"You see talk about Arsenal needing a billionaire owner to put more money into the club," Edelman said, "but (manager) Arsene (Wenger) has always said, and the board also believe, that a football club can only really be run from the revenues that it generates itself over the long term.

"If you look at some of the other clubs with billionaire owners, their debts are mounting up. Anybody who invests in a club, particularly from overseas, who maybe doesn't love the club the way our shareholders do ... will be looking for financial returns."

Keeping Wenger, who also was close to Dein, has been a priority for the club as well.

Edelman's point of view, on overseas investment at least, is that a foreign investor will want a financial pipeline running out of the club.

"I think the current shareholders have committed themselves to the club and believe in the club," Edelman said. "Our current shareholders have been incredibly generous with the club and haven't taken a dividend for very many years.

"I just want to make sure that fans really do understand that if a billionaire buys any club in the country, it doesn't automatically mean that they're going to have success or be able to invest further sums in the squads. What is really important is that the business runs from the funds that it generates itself.

"Part of my job is to make sure that we generate the maximum amount of revenue that we can so that we can invest in the squad."

Eccelstone said he has not been approached, but would gladly make a move if the offer is right.

"If somebody offers me something I think is a good value, I'll have a go,: Eccelstone said.

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