Kroenke deal gets approval
Sunday 29 May 2011
Arsenal say the Premier League have given approval to the takeover of the club by American Stan Kroenke.
Kroenke Sports Enterprises bought additional shares last month to acquire a near 63 per cent controlling interest in the Gunners' parent holding company. As obliged, Kroenke made a formal offer for the remaining stock at £11,750 a share but has had no takers. Kroenke has now given a formal 14 days' notice for the closure of the unconditional offer.
Uzbek oil magnate Alisher Usmanov, who owns 27 per cent of the club through Red & White Holdings, has indicated he will not sell, while the Arsenal Supporters Trust have urged all minority shareholders not to cash in.
The Arsenal chairman Peter Hill-Wood said: "The club is very pleased to announce that the Premier League Board has confirmed that the change of control processes under the rules of the Premier League have been concluded to its satisfaction in relation to Stan Kroenke's control of the club. KSE's offer for Arsenal Holdings PLC is wholly unconditional and we now look forward to a new and exciting phase in the life of the club. The plan is to maintain the PLUS listing provided there are a sufficient number of shareholders for that to be permitted."
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