US billionaire Stan Kroenke has increased his interest in football group Arsenal Holdings to 20.5 per cent.
US billionaire Stan Kroenke has increased his interest in football group Arsenal Holdings to 20.5 per cent.
He has bought a £42.5 million stake from fellow director Danny Fiszman in a deal that makes Kroenke the second-largest individual shareholder in Arsenal behind Uzbek oligarch Alisher Usmanov, who owns around a quarter of the shares. Kroenke also owns the Denver Nuggets basketball team and the Colorado Avalanche ice hockey franchise.
Fiszman sold a third of his shares at £8,500 apiece, valuing PLUS-quoted Arsenal at £531 million, For some time the driving force behind Arsenal’s financial development, he now holds only 16.1 per cent, but states that the stability of his or the club’s finances were not a motivating factor behind his sales and that he has ‘no current intention’ to sell any more shares.
Although the current economic environment is proving difficult for many organisations, the club still managed to report healthy half-year financial figures in February,’ he said. “We have a sound, successful business model. We have long-term sponsorships, an improved TV deal and a healthy demand for tickets.”
PLUS currently quotes Arsenal at £7,550 a share, down from October’s 12-month high of £9,250.
