American entrepreneur Stan Kroenke spoke for the first time Monday as the new owner of Arsenal, as his buyout of shares that would increase his stake in the club to more than 62percent was being finalized. Previously, he owned 29.9 percent, just under the 30 percent threshold that under British law requires a takeover bid be made.
Kroenke quickly gave his supportto Coach Arsene Wenger, who is under some pressure with the club out of the FA Cup and Champions League and seven points behind Premier League leader Manchester United.
“Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger,” said Kroenke. “We intend to build on this rich heritage and take the club to newsuccess.”
Though his takeover will not saddle the club with debt, as was the case in 2005 when Malcolm Glazer bought Manchester United, there are methods by which Kroenkecould use the club’s value to help finance the deal. He has placed a bid of 500 million pounds ($819 milion) to buy all of the remaining 70 percent of shares, which includes separate deals brokeredwith Danny Fishman (16.1 percent) and Lady Nina Bracewell-Smith (15.9 percent). The other major stakeholder, Alisher Usmanov, owns 27 percent and hehas yet to notify Kroenke if he intends to sell.