Kroenke increases Arsenal stake

American businessman Stan Kroenke has increased his stake in Arsenal to just over 20 percent after purchasing 5,000 shares from fellow director Danny Fiszman, the Premier League club confirmed in an announcement to the London Stock Exchange here on Monday.

Board member Kroenke, whose purchase cost him some 42.5 million pounds (60.3 million dollars), with each share priced at 8,500 pounds, now has a 20.5 percent stake in Arsenal.

Fiszman’s sale still leaves the diamond dealer with 16.1 percent of Arsenal’s shares and he stressed he was not contemplating any further sale.

“I am pleased that Stan Kroenke has made a further substantial commitment to the club by acquiring approximately a third of my holding,” Fiszman said in the statement to the LSE.

“Stan’s long-term commitment to sport in general and football in particular has been well documented.

“I will of course continue to work for Arsenal with the best interests of the club at heart and have no intention of selling any more of my shareholding.”

Kroenke, the owner of major basketball, ice hockey and American football teams in the United States, added: “After having been invited to join the board last year I am delighted to be able to increase my shareholding in Arsenal.

“I will continue to work closely with my board colleagues to maintain the stable environment in which the club operates and to preserve the self-sustaining business model enjoyed by the club.”

Arsenal chairman Peter Hill-Wood said: “Stan Kroenke has proved to be a valuable member of the board and I am pleased that he has demonstrated further commitment to the club by adding to his shareholding.”

The share situation at Arsenal, long regarded as one of England’s most stable football clubs, has become increasingly complex in recent years.

In 2007, the Arsenal board agreed an extenstion to a “lockdown” agreement designed to prevent a takeover.

This said club directors would only sell their stake to “permitted persons” before April 2009 and would have to give their fellow board members first option until October 2012.

Arsenal’s other major overseas investor is Alisher Usmanov, an Uzbek businessman who made his fortune in the metals industry.

He bought into the Gunners when his Red and White holdings group paid former vice-chairman David Dein around 75 million punds for his 14.65 percent stake.

In February, Red and White upped that stake to 25 percent.

Were it to reach 30 percent they would be obliged to launch a takeover under Stock Exchange rules.

Clouding the issue of Arsenal’s long-term ownership is the future of the 15.9 percent stake in the club of Lady Nina Bracewell-Smith.

She is understood to be ready to listen to offers after leaving the board in acrimonious circumstances in December.

Arsenal are currently fourth in the Premier League table and are also in the last eight of the lucrative European Champions League.