American is recommended by Emirates board to complete share buy-out.
The Arsenal board have recommended shareholders to accept Stan Kroenke’s offer to buy their stake in the club to complete his takeover.
The American billionaire, through his company Kroenke Sports Enterprises (KSE), bought 62.89% of the Gunners in April and has now submitted an offer for the remaining shares.
Arsenal’s independent directors have recommended shareholders accept the offer, which became mandatory when he raised his stake in the club to 63%.
Manager Arsene Wenger welcomes the move, claiming Kroenke has “the best interests of Arsenal at heart.”
Kroenke confirms no debt to be placed on Arsenal, but does not say if the deficit will be taken elsewhere nor rule out the introduction of dividends or fees to cover any other debts.
“Today KSE, UK, INC. (“KSE”) has announced an offer for Arsenal Holdings PLC,” a statement read on the club’s website.
“As part of the offer KSE, which is a company owned by existing Arsenal director Stan Kroenke, has committed to continue to operate the club in line with our existing self-sustaining business model.
“Mr Kroenke has a proven track record of successful long-term investment in sport and has confirmed that he has asked the existing board to remain in place. This includes Mr Peter Hill-Wood as chairman.
“Mr Kroenke is also fully supportive of manager Arsene Wenger whom he has stated is a wonderful manager.
“KSE has also stated that the offer will not be funded by debt finance secured against the club.
“The independent directors of Arsenal comprising of Mr Hill-Wood, Ivan Gazidis, Ken Friar, Sir Chips Keswick and Lord Harris of Peckham have considered these confirmations as well as the offer price.
“Having received advice from an independent adviser, Rothschild, are recommending that shareholders accept the offer.”