US billionaire Stan Kroenke has increased his stake in Premier League football club Arsenal to 20.5 per cent after buying shares from fellow director Danny Fiszman.
Kroenke bought 5,000 shares at a cost of £42.5 million ($60 million), making him the second-biggest investor in the north London club behind Russian Alisher Usmanov.
Fiszman sold about a third of his holding, and now has a 16.1 per cent stake. Usmanov’s investment company Red & White Holdings Ltd. owns a 25 per cent stake in the club.
“I am delighted to be able to increase my shareholding,” said Kroenke in a statement. “I will continue to work closely with my board colleagues to maintain the stable environment in which the club operates and to preserve the self-sustaining business model enjoyed by the club.”
Arsenal has a market value of £469.8 million, although its shares – which currently sell at £7,550 each - are thinly traded.
Fiszman added: “I am pleased that Stan Kroenke has made a further substantial commitment to the club by acquiring approximately a third of my holding.”
The club has been the subject of speculation about a possible takeover battle since metals billionaire Usmanov and sports investor Kroenke began acquiring shares in 2007. Kroenke’s latest purchase, which was approved by fellow directors, may safeguard the club against a possible takeover bid by Usmanov, who does not have a seat on the board.
