Kroenke ups Gunners stake

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Football News

American tycoon Stan Kroenke has increased his stake in Arsenal to just over 20% at a cost of some £42.5million after buying 5,000 ordinary shares from fellow director Danny Fiszman.

Kroenke had accepted the offer to become a non-executive director in September last year as ties with his Kroenke Sports Enterprises group were strengthened.

The remainder of the Arsenal board who were subject to the 'lockdown agreement' gave their consent to the transaction, which was set at a price of £8,500 per share.

Fiszman is now left with some 10,025 shares, around 16.1% of the total capital of Arsenal's parent holding company.

The diamond dealer, however, maintains he has no intentions of off-loading any more of his stake in the Gunners.

"I am pleased that Stan Kroenke has made a further substantial commitment to the club by acquiring approximately a third of my holding," Fiszman said.

"Stan's long-term commitment to sport in general and football in particular has been well documented.

"I am therefore delighted that he has shown this desire to deepen his ties with Arsenal.

"I will of course continue to work for Arsenal with the best interests of the club at heart and have no intention of selling any more of my shareholding."

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