Billionaire Russian looks to up stake in Gunners
Published: 23 December, 2010
by STEVE BARNETT
Usmanov shapes up for Arsenal takeover
THE wintry conditions may be causing Arsenal problems on the pitch, but off it things at the club are really starting to hot up.
The Gunners’ second largest shareholder Alisher Usmanov is reportedly on the verge of increasing his stake in the Premier League side, and could even be ready to launch a formal £700million takeover bid. The Russian billionaire currently owns a 27 per cent share in the club, while the present majority shareholder Stan Kroenke owns 29.9 per cent.
At the very least Usmanov wants to acquire a further 2.9 per cent, the maximum before he would be obliged to bid for all shares. The move would intensify the stand-off between Usmanov, who made his money in metal and mining, and the American sports tycoon Kroenke.
“Today, we have 27 per cent. Our objective is to bring that up to a blocking state of 29.9 per cent,” Usmanov told Russian state TV. “And from there, we will just keep on looking. If all the shareholders are united, like they are now, we’ll keep it as that level. I chose to invest significant money in Arsenal because I consider it to be one the world’s most well-structured football clubs, with one of the best stadiums and led by a genius coach, Arsene Wenger. I don’t regret this investment. It’s not dropping in value, it’s rising only.”
Under Arsenal’s rules anyone who owns 30 per cent of the club must launch a takeover bid. Kroenke is thought to be just 20 or so shares away from triggering that clause, and if Usmanov were to increase his stake the power struggle at the Emirates Stadium would reach boiling point, especially with Lady Nina Bracewell-Smith’s 15.9 per cent holding still on the market.