Friday is the end of the working week and the day before the "big footie game", which this week is Bolton vs Arsenal. A preview of the game is coming later, but for the moment, I just wanted to catch up on all things Arsenal...
So, we've got a new member on the board... and none other than Stan Kroenke, Mr Nice Guy of our investors after Usmanov's arrival. Kroenke new role is "non-executive director” of the club and this means that a whopping 60% of the club’s shares are now controlled by the board.
Speculation is still circulating whether Kroenke has agreed or not agreed to the lock down agreement. Initial reports suggest he has not because the original agreement is still in place and he was a director then. By being on the board, he does a have a stronger arm if he were to buy more shares, but it looks like the board trusts him to a degree. The board have confirmed that he is not party to the lockdown agreement, but instead have other agreements in place.
On joining the board, Kroenke said:
“It is a real honour to be invited to join the board of Arsenal given its pre-eminent reputation and position in football worldwide. I hope that my background in sports management will be an asset to Arsenal in its commercial dealings going forward.”
It’s true that a businessman, an investor and someone with a sports background could be beneficial to the club. Kroenke’s current roles outside of Arsenal have included commercial management, sports marketing, media and new media rights; with this in mind, it’s clear that he can bring something to the fold.
Big Supremo, Arsenal Chairman, Peter Hill-Wood, said:
“We are delighted to welcome Stan to the Board of Arsenal. He brings with him a wealth of experience through his direct involvement in sports clubs in the US and we expect to benefit from his commercial insights and knowledge.”
From today, one thing that has also been made clear, it that Kroenke will not increase his % to more than 29.9% in the next twelve months, harboring any immediate fears of a takeover.
Well, Peter Hill-Wood, I know you’re in a difficult situation. I think if I was in your position, I’d have done what you’ve done too.