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Kroenke's Arsenal takeover bid will be resisted, says director

Kroenke's Arsenal takeover bid will be resisted, says director

Arsenal's biggest shareholder vowed Sunday to fight off any takeover bid by American businessman Stan Kroenke.
Director Danny Fiszman, who owns 24.11 percent of the Gunners, said a hostile bid would fail and claimed that Kroenke cannot improve the Premier League club.
Kroenke owns 12.19 percent of Arsenal's shares and is reportedly preparing to become the fourth American to own a Premier League club. Manchester United, Liverpool and Aston Villa are the three others.
"We are open to anything that will improve the club, but we're going to have to be seriously convinced that it would improve the fortunes of the club," Fiszman said.
Fiszman, a diamond dealer, doesn't believe Kroenke can improve the Gunners' financial plight.
"It's going to be very, very difficult to explain to me and to the rest of board how you can actually make substantial investment ... and expect a return for that," Fiszman said.
"If it's just an 8-10 percent return, you're talking about 50 million pounds ($100 million; $73 million) or so. That's got to come out of the club, otherwise there's no point making a purchase."
On Saturday, Arsenal chairman Peter Hill-Wood told shareholders in a letter that he will hold face-to-face talks with Kroenke.
Under London Stock Exchange rules, a full takeover attempt would require Kroenke to obtain at least 30 percent of the shares.
"They can mount a hostile bid, but they're never going to get control of the club," Fiszman said. "The future of the club is in the hands of the board."
Former Arsenal vice chairman David Dein, who owns 4.5 percent of Arsenal's shares, was ousted from the board earlier this month for reportedly favoring a takeover by Kroenke.
Kroenke is a real estate developer who owns the NBA's Denver Nuggets, the NHL's Colorado Avalanche and the Colorado Rapids of Major League Soccer. He is also a co-owner of the NFL's St. Louis Rams.
Meanwhile, Arsenal announced Sunday that it will host a preseason tournament also featuring Serie A champion Inter Milan, Paris St. Germain and Hamburg. The Emirates Cup will run from July 28-29.


Updated : 2021-05-12 14:38 GMT+08:00