24 July 2007
Here Comes Kroenke II
…and this time, he’s not alone.
Once a billionaire gets the scent of a good investment, he is unlikely to stay away for long and there is no better investment opportunity in English football than Arsenal FC. As mentioned in a previous article 12.19% stakeholder Stan Kroenke would not tire in his pursuit of following his American counterparts into English football.
The latest news is that not only is he planning a takeover in the next few days but that he will not be alone. It was thought that a rival bid from Formula One supremo and Chelsea fan, Bernie Ecclestone was imminent but it now appears that Kroenke and Ecclestone are to join forces in a deal that would also involve Formula One returning to the United States by building a Street Circuit in Colorado.
There is a stumbling block however and it is the same stumbling block that was there the last time Kroenke sounded out a takeover; the lock-down agreement signed by the main shareholders not to sell their stakes for at least a year (until the end of the forthcoming season). Assuming all shareholders hold to the agreement then no matter how many billionaires club together, they will not be gaining control of Arsenal before the season after next.
Kroenke (and Dein) will be most interested in Danny Fiszman’s 24.11% which would give them full control of the club and well over the 30% which triggers a compulsory takeover offer. If Ecclestone is indeed interested, it is likely that this compulsory bid is where his riches would be utilised.
According The Guardian, Fiszman is in the process of moving to Switzerland and will not consider selling until he is no longer be liable for Capital Gains tax which is likely to be October at the earliest.
Captital Gains or not, lock-down agreement or not, F1 supremo or not, Kroenke and Dein are still there, lasciviously licking their lips at Arsenal football club.
Stay tuned for the inevitable Here Comes Kroenke III: The Final Instalment.
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