Arsenal to meet Kroenke next month

Russian billionaire, Alisher Usmanov, who spent GBP 40 million to buy 21 percent of English Arsenal and become the club's second largest shareholder behind Danny Fiszman, may have pressed the club's executives to meet with adversary Stan Kroenke.

Arsenal chairman, Peter Hill-Wood, said a meeting between Kroenke and the club's board will be held in London next month.

Kroenke is an American businessman that the Arsenal board did not want to deal with before, but since former vice-chairman, David Dein, is pushing Usmanov's quest for the club, this is how the club is responding.

Kroenke will fly to London next month, give a speech at a sports-business conference, and will attend the NFL match between the Miami Dolphins and the New York Giants, which will be held at Wembley Stadium.

Kroenke already owns 12 percent of the club and has no intention of initiating a hostile takeover.

Hill-Wood previously told Kroenke that Arsenal "didn't need his sort" but will now welcome him.

"I would think Kroenke is probably a long-term investor and I would welcome him as a shareholder more than Usmanov, unquestionably," Hill-Wood told The Daily Telegraph.

"He is involved in sport and understands it. As for Usmanov, I am not sure what he wants or why he wants to get involved. He is clearly a very determined fellow but it won't get him anywhere. It doesn't change anything. The board is absolutely resolute and they have no intention of selling to Dein and Usmanov.

"This is all very disruptive and I can understand the fans being upset. The club has been stable for many years and this is destabilising it," Hill-Wood added. "I think David is very much the architect of that."

Hill-Wood did not speak to Dein, who was a guest of English Tottenham at Saturday's north London derby, what shows how estranged Dein is from Arsenal since he was cast out in April for trying to bring in Kroenke. Hill-Wood did not speak to Dein and even said that Tottenham showed a "lack of judgment" in inviting Dein. "It was not a particularly sensible thing to do," Hill-Wood said.

The club validated The Daily Telegraph's story when it said Usmanov's Red and White Holdings Ltd. did increase Arsenal's shares.

Although the price Usmanov paid for the 6.5 precent shares was not disclosed, it is likely that he spent between GBP 35-40 million in one day, making his total investment in the club GBP 115 million.

Usmanov bought 0.5 percent from small shareholders for about GBP 8,250 a share. Lansdowne Partners, an investment company, sold its three percent for GBP 10,250 per share. Birol Nadir, a relative of tycoon Asil Nadir, sold his shares for about GBP 10,000 per share.

The only way Usmanov could increase his stake would be to buy Kroenke's shares or persuading the board to go back on their 'lockdown' agreement not to sell its 45 percent holding before April.

"We stand absolutely full-square opposed to any change of control and our attitude is hardening," Hill-Wood said.

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