US Sports Tycoon Stan Kroenke Buys Arsenal

Highlander

Mentor
Joined
Nov 28, 2009
Messages
1,778
The recent frenzy of buying up EPL clubs continues unabated...this time Arsenal for a mere $1.2 Billion (yes, BILLION) US dollars.

Stan Kroenke, the owner of the Denver Nuggets, Colorado Avalanche, St. Louis Rams, and Colorado Rapids buys the EPL Arsenal club...to the initial chagrin of the club's board member </font>Peter Hill-Wood (Mangina), who didn't want "his sort" involved and to make sure that </font>the "objective
is keep Arsenal English, albeit with a lot of foreign players."


</font><h1 id="yn-title">US sports tycoon takes control of Arsenal




</h1><div id="yn-story-related-media">

<div ="primary-media">

<div id="yn-story-main-media" ="ult-section yn-style1">
<div ="">
<a href="http://news.yahoo.com/nphotos/US-sports-tycoon-Stan-Kroenke-pictured-L-has-taken-controlling/photo//110411/photos_sp_wl_afp/7c6673e7d13ccc9169da9a5ce900a2ea//s:/afp/20110411/sp_afp/fblengprusaarsenalkroenketakeover" target="_blank">
capt.photo_1302509482683-3-0.jpgx=213&ampy=139&ampxc=2&ampyc=1&ampwc=408&amphc=266&ampq=85&ampsig=c9rZTqcBQDa0_zTrzkeDkQ--


</a>

<cite ="caption">

AFP/Getty Images/Fileâ€"US sports tycoon Stan Kroenke (pictured,
L) has taken a controlling stake in Arsenal and has agreed terms"¦
</cite>
</div>


</div>



</div>


</div>





<div ="byline">
<cite ="vcard">
by Guy Jackson Guy Jackson</span>
</cite>
â€"
<abbr title="2011-04-11T06:02:12-0700" ="timedate">MonApr11, 9:02amET</abbr></div>


<div ="yn-story-">


LONDON (AFP) â€" Arsenal became the latest English
football giant to fall into foreign hands on Monday when US sports
tycoon Stan Kroenke took a controlling stake in the club after a
protracted ownership tussle.



The deal announced by the north London club, English champions on 13
occasions, values the outfit at about £731 million (825 million euros,
$1.2 billion), according to a statement issued to the London Stock
Exchange.



The secretive Kroenke, who has been building up his holding for the last
four years, finally took control by acquiring those of two of the
largest private shareholders -- effectively locking a rival Russian
businessman out of the club.



"We are excited about the opportunity to increase our involvement with
and commitment to Arsenal," Kroenke said in a statement issued by the
club.



"Arsenal is a fantastic club with a special history and tradition and a
wonderful manager in Arsene Wenger. We intend to build on this rich
heritage and take the club to new success."



Kroenke first bought 9.9 percent of shares in the Gunners in 2007 and he
increased his stake last month to within 10 shares of the threshold
that forces him to make a takeover bid.



A full takeover was triggered after his Kroenke Sports Enterprises (KSE)
company bought the stakes of Danny Fiszman (16.1 percent) and Lady Nina
Bracewell-Smith (15.9 percent), valuing their shares at 11,750 each.



The majority of the remaining shares are held by Russian businessman
Alisher Usmanov, whose holding company currently owns around 27 percent.



Kroenke's company also controls basketball's Denver Nuggets, American
football team the St Louis Rams, ice hockey franchise Colorado Avalanche
and the Colarado Rapids Major League Soccer club.




The 63-year-old's initial involvement was met with hostility by the
club's board with the patrician chairman Peter Hill-Wood famously
declaring that Arsenal did not want "his sort" and that the "objective
is keep Arsenal English, albeit with a lot of foreign players."




Hill-Wood, who holds a small share-holding, later performed a u-turn and
welcomed Kroenke onto the board in a move seen as thwarting Usmanov's
ambitions. He is to remain as board chairman, Kroenke announced.



Wenger also welcomed the deal, saying: "I have worked with Stan Kroenke
at board meetings over the past couple of years and I believe he has the
best interests of Arsenal at heart.




"He understands the club's heritage and traditions and our ambition to
run the club in a way which protects our long-term future."




Arsenal are second in the Premier League table, seven points behind
leaders Manchester United, who are owned by US tycoon Malcolm Glazer.



Third-placed Chelsea are owned by Russian oligarch Roman Abramovich and
fourth-placed Manchester City were taken over by Abu Dhabi's Sheikh
Mansour in 2008.




Liverpool, one of English football's traditional powerhouses, were taken
over by the owners of baseball's Boston Red Sox last year having
previously been owned by US sports tycoons Tom Hicks and George Gillett.



Fans of Manchester United have been deeply unhappy at the Glazer
ownership of United after the sale of key players such as Cristiano
Ronaldo while Hicks and Gillett in particular became hate figures for
Liverpool supporters.




Arsenal have not won a trophy for six years and supporters have grown
frustrated at their relatively restrained spending on players compared
with rivals such as Chelsea and Manchester City.




Arsenal are however seen as one of the best-run clubs in the English
top-flight and completed their move to the Emirates stadium in 2006, on
time and on budget.




Foreign owners have flocked to the Premier League since television deals
with Sky Sports helped make it the world's most lucrative domestic
football championship and increased its global appeal.




Its most recent television deal for British and international broadcast
rights, running from 2010-2013, has been valued at around £3.2 billion.




The deal represented £1.8 billion for domestic rights and £1.4 for international rights.




And the 2010-2013 terms increased sharply despite the global recession,
showing a sharp rise on the previous deal which was worth £2.7 billion.




Even smaller Premier League clubs have attracted foreign buyers, with
Indian poultry company Venky's taking over Blackburn in October.

</div>
 
Top