Stan Kroenke receives Premier League approval for Arsenal takeover

Arsenal are set to benefit from Stan Kroenke’s disdending coffers as the north London club is looking likely to provide Arsene Wenger a transfer kitty in the region of £45 (Getty Images)

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Arsenal have confirmed that Stan Kroenke’s controlling interest in the club has been authorised by the Premier League and the American has now given shareholders a formal 14 days’ notice for the closure of his unconditional offer as part of the process of his takeover of the club.

Kroenke, owner of Kroenke Sports & Entertainement, currently holds 66.06% of the club’s shares, following the sales of shares from former director Lady Nina Bracewell Smith and the late director Andy Fiszman.

The remaining shares are held by Alisher Usmanov, who owns 27% of the club, with the rest owned by members of the Arsenal Supporters’ Trust. Both parties have previously stated they are unwilling to sell to Kroenke.

Arsenal chairman Peter Hill-Wood told the club’s official website: “The Club is very pleased to announce that the Premier League Board has confirmed that the change of control processes under the rules of the Premier League have been concluded to its satisfaction in relation to Stan Kroenke’s control of the Club

“KSE’s offer for Arsenal Holdings PLC is wholly unconditional and we now look forward to a new and exciting phase in the life of the Club. The plan is to maintain the PLUS listing provided there are a sufficient number of shareholders for that to be permitted.”

Meanwhile Kroenke himself is quoted as saying: “As the controlling shareholder of Arsenal Football Club, it will always be our intention to do what’s necessary to assure success on the pitch, provide long-term stability and build on the accomplishments and history of the Club.
 
“We recognise that overseeing the operations of the Club is not only a privilege but a responsibility that will require attention and dedication as the Club strives to reach all of our goals on and off the pitch.”

“We will continue to grow the Club’s presence globally while also adhering to the Club’s self-sustaining economic model.  The Club has funds to invest and will do so wisely. Our constant aim will be to compete for silverware and championships.

“The long-term health of the Club is of utmost importance and the Board, chief executive, manager and the wider team will be working hard to achieve success for the Club and our fans, and to play our part in our communities in North London and beyond.  

“Arsenal is not about one shareholder, one player or one fan. It’s a special institution and we look forward to celebrating that further during the 125th anniversary year of the Club.”