FANS URGE KROENKE TO PUT USMANOV ON BOARD
TRUST FEARS £525M BID BY AMERICAN TO BUY OUT ARSENAL RIVAL
THE Arsenal Supporters’ Trust today repeated calls for Alisher Usmanov to be given a seat on the board amid growing speculation he could be prepared to sell his stake in the club.
Usmanov owns 30.4 per cent of Arsenal and failed with a £1billion takeover bid to buy out majority shareholder Stan Kroenke in May.
Standard Sport understands that while a formal counter offer has not yet been made, Kroenke has circulated the possibility of making a £525m bid — worth approximately £28,000 per share — to Usmanov in an effort to take full control.
The pair have contrasting visions for Arsenal’s direction and have never had a healthy working relationship.
Kroenke owns 67 per cent of the Gunners and dictates the day-to-day running of the club, delegated to chief executive Ivan Gazidis, but he is short of the 75 per cent threshold required to pass special resolutions without putting them to a vote.
This means Usmanov can block any attempts to delist the club or load debt onto it but he is powerless to affect everything below such seismic change.
“AST members have consistently called for Usmanov to be given a seat on Arsenal’s board,” a spokesman told Standard Sport. “This is basic good governance when someone holds 30 per cent of a company. It would also be to Arsenal’s advantage to have everyone involved working together to make the club stronger.”
Both Arsenal and Usmanov’s representatives declined to comment when contacted this morning but it is believed informal discussions have taken place.
The matter is likely to be raised at Arsenal’s Annual General Meeting on October 26. Kroenke is expected to attend as usual along with manager Arsene Wenger, Gazidis and chairman Sir Chips Keswick.
Individual shareholders are set to raise concerns that any successful attempt by Kroenke to take complete control could lead to a reduction in transparency.