You can read 19 more articles this month
ARSENAL fans were dismayed today by news that US billionaire and the club’s majority shareholder Stan Kroenke has taken full ownership, saying it marked “a dreadful day” for the club.
The billionaire’s company, Kroenke Sports and Entertainment (KSE), previously owned 67 per cent of the Gunners before snapping up the 30 per cent held by Russian oligarch Alisher Usmanov in a deal worth £1.8 billion.
In a statement published on the London Stock Exchange, Kroenke said: “We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents.
“KSE believes moving to private ownership will bring the benefits of a single owner better able to move quickly in furtherance of the club's strategy and ambitions.
“KSE is a committed, long-term owner of the club.”
However the Arsenal Supporters’ Trust (AST), which promotes the interests of fans with shares in the club, said it was wholly against the takeover.
“This news marks a dreadful day for Arsenal Football Club,” AST said in a statement.
“The most dreadful part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans.
“Many of these fans are AST members and hold their shares not for value but as custodians who care for the future of the club.
“Kroenke's actions will neuter their voice and involvement. It is an action designed to remove shareholder scrutiny on how Arsenal is managed.
“By taking the club private Stan Kroenke will be able to ... pay management fees and dividends without any check or balance, [hold] no annual general meeting to hold the board to account, remove the independent directors and place debt onto Arsenal to support his other business interests.
Kroenke first threw his money into Arsenal 11 years ago and has been the majority shareholder of the club since 2011.
In order to buy out rival Usmanov, KSE has had to borrow £557 million from Deutsche Bank, putting just £45m of his own money on the line.
Arsenal legend Ian Wright took to social media, saying: “Incredibly sad day for so many of our fan shareholders that no longer own a part of this club.
“Imagine if this wasn't only about [money] but about the club, the community and the fans — all this new enthusiasm we are witnessing with [new coach] Unai [Emery] wouldn't feel like such a waste.”
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by joining the 501 club.
Just £5 a month gives you the opportunity to win one of 17 prizes, from £25 to the £501 jackpot.
By becoming a 501 Club member you are helping the Morning Star cover its printing, distribution and staff costs — help keep our paper thriving by joining!
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by become a member of the People’s Printing Press Society.
The Morning Star is a readers’ co-operative, which means you can become an owner of the paper too by buying shares in the society.
Shares are £1 each — though unlike capitalist firms, each shareholder has an equal say. Money from shares contributes directly to keep our paper thriving.
Some union branches have taken out shares of over £500 and individuals over £100.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by donating to the Fighting Fund.
The Morning Star is unique, as a lone socialist voice in a sea of corporate media. We offer a platform for those who would otherwise never be listened to, coverage of stories that would otherwise be buried.
The rich don’t like us, and they don’t advertise with us, so we rely on you, our readers and friends. With a regular donation to our monthly Fighting Fund, we can continue to thumb our noses at the fat cats and tell truth to power.
Donate today and make a regular contribution.