Arsenal Football Club’s directors have cleared the way for Stan Kroenke to complete his takeover after recommending shareholders accept his offer.
Kroenke has offered £11,750 for each remaining share after acquiring shares from the late Danny Fiszman (16.1% stake) and Lady Nina Bracewell-Smith (15.9% stake), taking Kroenke’s stake to 62.89% and valuing the club at £731m.
A statement on Arsenal’s official website said: “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 Arsène 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 and, having received advice from an independent adviser, Rothschild, are recommending that shareholders accept the offer.”
Russian Alisher Usmanov owns the majority of the shares remaining, but previously said he would not sell his shares in the Barclays Premier League club.