LONDON (AP) — St. Louis Rams owner Stan Kroenke is set to take control of England’s Premier League club Arsenal, ending the long-running uncertainty about the ownership, according a supporters group.
The Arsenal Supporters’ Trust told The Associated Press on Sunday that Kroenke plans to raise his holding from just under 30 percent to 62 percent, exceeding the 50 percent threshold that gives him legal control.
The AST, whose members own around 3 percent of the club, said an announcement is to be made Monday that Kroenke has agreed to buy the shares of Danny Fiszman and Nina Bracewell-Smith. Each of them has a 16 percent stake in Arsenal, which is listed on London’s Plus Market.
By taking his holding beyond 50 percent, Kroenke would be obliged to make a formal offer for the remainder of the shares at around 11,500 pounds ($19,000) each. If he reaches 90 percent, he can compulsorily purchase the remaining shares.
The Columbia, Mo. resident is already Arsenal’s largest shareholder and a director.
The next largest shareholder, Russian businessman Alisher Usmanov, owns more that 27 percent through Red & White Holdings, but has not been invited onto the board of directors.
British broadcasters BBC and Sky also reported on Sunday that Kroenke is about to take control of Arsenal.
The AST has close links with Arsenal’s investors and executives, who have endorsed its low-cost scheme that enables fans to buy small stakes in the club.
Supporters can make small contributions to the “Fanshares” initiative before gaining an actual portion of Arsenal and be given a chance to attend key club meetings.
AST board member Tim Payton said the trust would oppose a full 100 percent ownership by Kroenke and would want fans to remain shareholders.
Kroenke could not be reached for comment, while Arsenal’s internal communications department said it was not responding to the takeover reports.
On the pitch, Arsenal is chasing its first trophy since the 2005 FA Cup. Arsene Wenger’s side is seven points behind Manchester United with seven matches remaining, including one in hand over the leaders.
Four other Premier League clubs are owned by Americans, with Malcolm Glazer at Manchester United, John Henry at Liverpool, Randy Lerner at Aston Villa and Ellis Short at Sunderland.
Copyright Associated Press
