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American wants to buy ITV's stack in Arsenal
England - 27 March, 2007
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An American billionaire is in talks to buy a share of English Arsenal, the only English-owned club in the Premier League's top clubs.
Stan Kroenke, who Forbes magazine estimates to be worth more than GBP 1 billion, is thought to have approached ITV about buying its 9.9 percent stake in Arsenal.
Kroenke Sports Enterprises owns the Colorado Rapids football club, the Denver Nuggets basketball club, and the Colorado Avalanche ice hockey squad.
Kroenke has a link with Arsenal, signing a marketing partnership with the club last month, where he agreed to increase awareness of the British club in the lucrative U.S. market.
After Malcolm Glazer's takeover of English Manchester United, and the more recent takeover of English Liverpool by American tycoons George Gillett and Tom Hicks, there has been much speculation about Arsenal's future.
Shares in the club have risen in recent weeks amid talk of a possible takeover and has been fueled by news that its largest single shareholder, Danny Fiszman, had reduced his holding to less than the 25 percent, which is needed to maintain a veto on any changes to the club's statutes.
Fiszman sold 659 shares at GBP 5,975 each, a GBP 400 per share premium to the market price at that time, to an unnamed investor. He now owns 24.11 percent of the club.
Arsenal shares are listed on the alternative Plus market, formerly Ofex, and ended last week at GBP 6,500, making the club worth GBP 404 million.
Arsenal sources said that any all-out bid would have to be made at a considerable premium, probably valued at GBP 700 million, because there is room for growth in the business.
It has a young squad and is set to receive a windfall from the redevelopment of its old ground. The value of the stadium was not been included in the club's market valuation.
ITV has made no secret of the fact that its stake, bought in the late 1990s when media companies thought such stakes could help in the negotiation of television contracts, is regarded as a non-core asset.
It also had a stake in Liverpool, which it sold for GBP 17.4 million when the takeover deal with Gillett and Hicks was announced.
There have been reports that the royal family of Qatar approached ITV about the stake also.
Arsenal fans are more likely to back the buyout of the club by someone with expertise in sports, which can help the club thrive, rather than someone who sees it only as an investment.
Stan Kroenke, who Forbes magazine estimates to be worth more than GBP 1 billion, is thought to have approached ITV about buying its 9.9 percent stake in Arsenal.
Kroenke Sports Enterprises owns the Colorado Rapids football club, the Denver Nuggets basketball club, and the Colorado Avalanche ice hockey squad.
Kroenke has a link with Arsenal, signing a marketing partnership with the club last month, where he agreed to increase awareness of the British club in the lucrative U.S. market.
After Malcolm Glazer's takeover of English Manchester United, and the more recent takeover of English Liverpool by American tycoons George Gillett and Tom Hicks, there has been much speculation about Arsenal's future.
Shares in the club have risen in recent weeks amid talk of a possible takeover and has been fueled by news that its largest single shareholder, Danny Fiszman, had reduced his holding to less than the 25 percent, which is needed to maintain a veto on any changes to the club's statutes.
Fiszman sold 659 shares at GBP 5,975 each, a GBP 400 per share premium to the market price at that time, to an unnamed investor. He now owns 24.11 percent of the club.
Arsenal shares are listed on the alternative Plus market, formerly Ofex, and ended last week at GBP 6,500, making the club worth GBP 404 million.
Arsenal sources said that any all-out bid would have to be made at a considerable premium, probably valued at GBP 700 million, because there is room for growth in the business.
It has a young squad and is set to receive a windfall from the redevelopment of its old ground. The value of the stadium was not been included in the club's market valuation.
ITV has made no secret of the fact that its stake, bought in the late 1990s when media companies thought such stakes could help in the negotiation of television contracts, is regarded as a non-core asset.
It also had a stake in Liverpool, which it sold for GBP 17.4 million when the takeover deal with Gillett and Hicks was announced.
There have been reports that the royal family of Qatar approached ITV about the stake also.
Arsenal fans are more likely to back the buyout of the club by someone with expertise in sports, which can help the club thrive, rather than someone who sees it only as an investment.
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