Newspaper article The Evening Standard (London, England)

Fans Tell Kroenke: Fight for Shares; SUPPORTERS REFUSE TO SELL BUT WON'T CONTEST ARSENAL TAKEOVER EXCLUSIVE 'Arsenal Paid PS4m over Odds for Torreira'

Newspaper article The Evening Standard (London, England)

Fans Tell Kroenke: Fight for Shares; SUPPORTERS REFUSE TO SELL BUT WON'T CONTEST ARSENAL TAKEOVER EXCLUSIVE 'Arsenal Paid PS4m over Odds for Torreira'

Article excerpt

Byline: JamesOlley

ARSENAL Supporters' Trust members have refused to sell their shares to Stan Kroenke but will not pursue a legal challenge to his takeover because of "potentially exorbitant costs".

Standard Sport revealed earlier this month the fans' group were seeking to take action over Kroenke's compulsory purchase of the club after he struck an agreement to buy out Alisher Usmanov's 30 per cent stake for PS550million.

That deal triggered an offer for all remaining shares, the deadline for acceptance of which was yesterday when an update to the stock exchange confirmed Kroenke now owns 98.8 per cent of the club.

The AST's refusal to sell is a symbolic gesture, as it will not stop the takeover from going ahead. They had hoped to create a delay sufficient to force a final AGM at which fans could air their frustration at Kroenke's apparent lack of engagement with them. However, that appears unlikely after the AST received initial legal advice, understood to cost around PS5,000.

"The AST continue to take the position that we will not sell our shares to Stan Kroenke," a spokesman told Standard Sport. "His takeover is not in the best interests of the club nor does it reflect the wishes of our members.

"We have taken legal advice as to the possibility of opposing the compulsory purchase. Regrettably we've concluded that whilst there are submissions we could make, the potentially exorbitant legal costs likely means we cannot proceed with any legal challenge.

"We have therefore refused the offer made in the takeover document and if Stan Kroenke wants to end the Custodianship role of the AST and other small shareholders, he will have to compulsorily take them off us. Such action would be indicative of the contempt he has shown Arsenal fans".

That feeling of contempt was reflected in the written responses from AST members and shareholders to Kroenke's compulsory purchase of their Continued on Page 49 Continued from Back Page shares, published on the organisation's website last night. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.