SOCCER:ALISHER USMANOV has confirmed he plans to hold on to his 27 per cent stake in Arsenal, despite Stan Kroenke's move to take majority control of the club.
The Russian metals and mining magnate, who has a fortune estimated at $17.7 billion (€11.8 billion) by Forbes magazine, has resolved to retain his stake, worth around €223 million, despite the fact he would make a profit on selling. “I’m not going to sell my stake,” Usmanov said from Moscow. “I love Arsenal, that’s why I’m a shareholder.”
Kroenke triggered a mandatory offer for the whole of Arsenal’s share capital at €13,235 per share after taking his holding to 63 per cent over the weekend. Usmanov acquired his shares over the past four years, through his Red White investment vehicle, at prices ranging from €9,500 to €13,235.
The Arsenal Supporters’ Trust has already voted unanimously to retain the three per cent stake held through its Fanshare scheme and has welcomed Usmanov’s commitment to the club. “AST welcomes Red & White’s commitment to Arsenal and calls on all shareholders to work together,” it said. “Their priorities should firstly be making Arsenal a successful football team, secondly placing no leveraged debt on the club and no dividends or management fees that take money out of club, and thirdly Arsenal Fanshare and supporters being directly involved in the club’s ownership structure.”
If Usmanov had sold to Kroenke, delisting may have become mandatory. That would have left the supporters without a stake in the club and less transparency.
Like the AST, Usmanov is seeking undertakings from Kroenke that he will not draw cash out of the club. He is also seeking clarification in the full offer document on how Kroenke is funding the €563 million takeover offer and his intentions for the club.
Usmanov, who is said to have a civil but distant relationship with the club’s board, has four seats in the directors’ box and also pays for an executive box at the Emirates. He does not have a seat on the board but would be likely to lobby for one under any restructuring that may follow Kroenke’s takeover. The Missouri-born billionaire has promised not to alter the club’s board or executive team in the short term.
* Guardian Service
