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."
Latest in Sport
Royal Rumble 2015: Roman Reigns triumphs after The Rock returns to set-up Wrestlemania showdown with Brock Lesnar
Google trolls Tottenham with Oxford dictionary definition of 'lackadaisical'
Gabriel Paulista: Talented Brazilian could grow into world-class defender at Arsenal
Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
Floyd Mayweather ends the carnival this week and picks his next fight - but will it be Amir Khan, Manny Pacquiao or Miguel Cotto
- 1 Double chins could be 'cured' without surgery or dieting using new injection
- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 5 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia