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-03-27-2010 #1Registered User
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Will Kroenke's soccer moves affect The Rams?
Would he sell his stake in The Rams to finance this?
From the Associated Press:
Updated Mar 26, 2010 2:58 PM ET
American businessman Stan Kroenke has increased his stake in Arsenal and is now within 10 shares of the threshold that forces him to make a takeover bid.
Kroenke, who owns 29.9 percent of Arsenal, acquired seven more shares Thursday at a cost of 8,500 pounds ($12,650) each, the Premier League club said Friday in a statement to London's Plus Market stock exchange.
If the Denver-based businessman reaches 30 percent, he has to make an offer for the remaining shares in Arsenal Holdings plc.
If Kroenke manages to acquire more than 50 percent of the shares he will gain legal control of the club. If he reaches 90 percent he can compulsorily purchase the remaining shares.
But if he fails to surpass the 50 percent level, he is prohibited from making another takeover bid for at least a year - unless asked to do so by the club.
Russian businessman Alisher Usmanov - the club's second-largest shareholder - signaled his interest in a takeover in December by taking his stake beyond 26 percent through his investment vehicle Red and White Holdings.
Unlike Kroenke, Usmanov has not been invited on the board of directors.
Kroenke, who first bought a 9.99 percent stake in Arsenal in April 2007, also owns the Colorado Rapids of Major League Soccer, the NBA's Denver Nuggets and the NHL's Colorado Avalanche.
Arsenal remains in contention for the Premier League and Champions League titles this season. The club is two points behind leader Manchester United going into Saturday's match at Birmingham, and faces Barcelona on Wednesday in the first leg of their European quarterfinal.
Re: Will Kroenke's soccer moves affect The Rams?
I don't see why it should, his ownership of several Colorado teams hasn't impacted on his part-ownership of the Rams, and that he's been seen mixing with Khan suggests he'd be happy for them to co-own the Rams.
Besides, the Arsenal board seem to like having many wealthy co-owners rather than one owner, it wouldn't be hard for them to make sure he can't aquire the 10 more shares he needs to become full owner.
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