Bracewell-Smith Shocked At Removal From Arsenal Board

• Telegraph, Friday, December 19, 2008 2:31 PM

Arsenal shareholder Nina Bracewell-Smith, who has a 15.9 percent stake in the club, has spoken out about the way she was treated by her fellow board members, and at her removal from the board.

"I'm in total shock and very upset about the appalling way I have been treated," she said. "The board have no manners whatsoever and my views were ignored on many occasions. I can't understand why I have been removed in such a ruthless fashion. I had no intention of selling my shares and was no threat to the lockdown agreement between the directors."

The "lockdown agreement" was a deal made between the club's directors not to sell their shares outside of their own circle for fear that the club would be subject to a foreign takeover. Denver Nuggets and Colorado Rapids owner Stan Kroenke, who is now on the board as a non-executive director, has a 12.4 percent stake in Arsenal. Red & White Holdings, the investment vehicle of controversial Russian-Uzbek tycoon Alisher Usmanov, holds a 24 percent stake.

"It is very difficult to accept, especially after what my family has done for Arsenal for so many years," said Bracewell-Smith, who was reportedly opposed to the appointment of MLS Deputy Commissisoner Ivan Gazidis as chief executive. "I am extremely upset at what's happened and the way it has been done. I've never had a thought of selling my Arsenal shares and I still don't."

With her shares worth approximately $112 million, don't be surprised if that changes. "Colorado Arsenal" could still happen.

 

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