Arsenal chairman snubs US buyer

[Mac 10 †]

Arsenal chairman snubs US buyer 
 

Arsenal chairman Peter Hill-Wood has sent a hands-off warning to American billionaire Stan Kroenke over any potential takeover of the club.
 
Kroenke recently bought 9.9% of Arsenal and also acquired more shares from major stakeholder Danny Fiszman, sparking talk of a takeover.

But Hill-Wood told the Guardian: "The shareholders would prefer to stay in control than sell out to some stranger.

"We would be horrified to see ownership of the club go across the Atlantic." 

Hill-Wood claims that he and three of the club's major shareholders - Fiszman, Lady Nina Bracewell-Smith and the Carr family - have "no intention of selling".

He added: "These people love Arsenal, they are independently wealthy and do not need the money. Having a few extra million pounds in the bank is of no interest to them.

"We're here for Arsenal football club, not to make a few bob. The club has been run for the benefit of supporters, staff and players."

[KURUPTION-81]

and now

Arsenal have revealed that vice-chairman David Dein has left the club, but have moved to dispel fears that they could be about to agree a sale to American businessman Stan Kroenke.

Dein - one of the leading figures in the English game for over 20 years - has ended an association that goes back to 1983 when he first joined the board at Highbury.

In the same statement, Arsenal emphasised that the club was not about to sell up to Kroenke Sports Enterprises - run by Stan Kroenke, who recently bought an 11 per cent share of the club.

It is reported that Dein - who still owns 14.5 per cent of the club's shares - was keen on selling to Kroenke, but that was in stark contrast to the remaining shareholders Danny Fiszman, Lady Nina Bracewell-Smith, Hill-Wood and the Carr family.

The Gunners have now confirmed that Dein - who is still chairman of the G-14 group - has departed Emirates Stadium after he clashed with fellow members of the board.

"On behalf of the Board I would like to express our gratitude to David Dein for the many years of loyal service he has given to the club," chairman Peter Hill-Wood told the club's website.

"We sincerely regret that irreconcilable differences between Mr Dein and the rest of the board have necessitated a parting of the ways."

Arsenal then added that their current board was not looking to sell.

"In light of recent speculation with regards to the ownership of the club, the remaining board members, who together own 45.45 per cent of the issued share capital of the company, would like to reassure the supporters, shareholders and employees of Arsenal Football Club that they remain long-term holders of their interests in the club," read the statement

"To this effect, they have entered into an agreement not to dispose of their shares for at least one year and have confirmed that they intend to retain their interests on the expiration of this period."

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