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Usmanov might have priced out Kroenke at Arsenal
England - 05 October, 2007
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Uzbek businessman Alisher Usmanov's advisors feel he has upped the ante on Stan Kroenke's interest in English Arsenal, perhaps driving the price too high for the U.S. billionaire's tastes.
Usmanov made a GBP 10,000-a-share investment for a 23-percent stake in the club. His advisors feel that is enough to keep Kroenke from purchasing more than the 12.2 percent he already has.
They also feel he had no desire to delve deeper into Arsenal when he did not pursue the 14.6 percent stake that previously belonged to David Dein. Usmanov used those shares to build his base at the club.
No one has been able to get a feel for Kroenke's intentions. He has asked for more dialogue with the club's board, which has frozen him out of purchasing any additional stakes. A meeting between Kroenke and directors will take place this month.
Still, Usmanov has an interest in Kroenke. Maybe its Kroenke's stake he's interested in, since that 12.2 percent would put Usmanov well above the threshold for an automatic takeover.
And Usmanov has the money to make Kroenke's stake turn into a GBP 30 million profit from when he originally began purchasing in March and April.
"Kroenke is the best shareholder in the football club," Usmanov said.
Whether or not Kroenke sells – or sells to Usmanov – the Uzbek steel magnate will draw interest from the minor shareholders. With shares now going for GBP 10,000, it would be tough for any of the 1,200 minor shareholders to turn down a reasonable offer from Usmanov. The matter for Usmanov is getting those owners – many being employees of the club – to sell.
The Arsenal Supporters' Trust has urged the board to resist Usmanov.
"I'm disappointed at the aggressive briefing Red and White are aiming at the Arsenal board," said a trust spokesman. "The Arsenal Supporters' Trust have called on all shareholders to work with and not against the board. The briefings from Red and White that they are unhappy with the role of the current board and that they would like to take a dividend are appalling
"It is completely wrong for Red and White to seek to extract profit. No dividends have been paid at Arsenal for more than 30 years. All extra monies should be reinvested in the club."
Usmanov made a GBP 10,000-a-share investment for a 23-percent stake in the club. His advisors feel that is enough to keep Kroenke from purchasing more than the 12.2 percent he already has.
They also feel he had no desire to delve deeper into Arsenal when he did not pursue the 14.6 percent stake that previously belonged to David Dein. Usmanov used those shares to build his base at the club.
No one has been able to get a feel for Kroenke's intentions. He has asked for more dialogue with the club's board, which has frozen him out of purchasing any additional stakes. A meeting between Kroenke and directors will take place this month.
Still, Usmanov has an interest in Kroenke. Maybe its Kroenke's stake he's interested in, since that 12.2 percent would put Usmanov well above the threshold for an automatic takeover.
And Usmanov has the money to make Kroenke's stake turn into a GBP 30 million profit from when he originally began purchasing in March and April.
"Kroenke is the best shareholder in the football club," Usmanov said.
Whether or not Kroenke sells – or sells to Usmanov – the Uzbek steel magnate will draw interest from the minor shareholders. With shares now going for GBP 10,000, it would be tough for any of the 1,200 minor shareholders to turn down a reasonable offer from Usmanov. The matter for Usmanov is getting those owners – many being employees of the club – to sell.
The Arsenal Supporters' Trust has urged the board to resist Usmanov.
"I'm disappointed at the aggressive briefing Red and White are aiming at the Arsenal board," said a trust spokesman. "The Arsenal Supporters' Trust have called on all shareholders to work with and not against the board. The briefings from Red and White that they are unhappy with the role of the current board and that they would like to take a dividend are appalling
"It is completely wrong for Red and White to seek to extract profit. No dividends have been paid at Arsenal for more than 30 years. All extra monies should be reinvested in the club."
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