American shareholder Stan Kroenke has acquired a third of Danny Fizman's shares it was announced yesterday.
Kroenke bought 5,000 of Fizman's shares at a price of £8,500 each meaning the American has now spent £42.5 million making him the second highest shareholder on the Arsenal board with 20 per cent of shares. Alisher Usmanov's Red and White Holdings owns 25 per cent of shares.
The American tycoon said: "After having been invited to join the Board last year I am delighted to be able to increase my shareholding in Arsenal. I will continue to work closely with my Board colleagues to maintain the stable environment in which the Club operates and to preserve the self-sustaining business model enjoyed by the Club.”
The current "lockdown" agreement at Arsenal means that the directors cannot sell their shares until April except to fellow members. After April the agreement means that directors have the first option on shares until October 2012.
Fizman's stake is now 16.1 per cent and he said: "I am pleased that Stan Kroenke has made a further substantial commitment to the Club by acquiring approximately a third of my holding. 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."
Chairman Peter Hill-Wood said: ""Stan Kroenke has proved to be a valuable member of the Board and I am pleased that he has demonstrated further commitment to the Club by adding to his shareholding. Danny Fiszman remains a driving influence on the Board and is fully committed to the Club’s long term future."
Kroenke was admitted to the board last September as an non-executive director. His group KSE also owns Major League Soccer side Colorado Rapids, Denver Nuggets basketball team and the Colorado Avalanche ice hockey team.
Kroenke bought 5,000 of Fizman's shares at a price of £8,500 each meaning the American has now spent £42.5 million making him the second highest shareholder on the Arsenal board with 20 per cent of shares. Alisher Usmanov's Red and White Holdings owns 25 per cent of shares.
The American tycoon said: "After having been invited to join the Board last year I am delighted to be able to increase my shareholding in Arsenal. I will continue to work closely with my Board colleagues to maintain the stable environment in which the Club operates and to preserve the self-sustaining business model enjoyed by the Club.”
The current "lockdown" agreement at Arsenal means that the directors cannot sell their shares until April except to fellow members. After April the agreement means that directors have the first option on shares until October 2012.
Fizman's stake is now 16.1 per cent and he said: "I am pleased that Stan Kroenke has made a further substantial commitment to the Club by acquiring approximately a third of my holding. 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."
Chairman Peter Hill-Wood said: ""Stan Kroenke has proved to be a valuable member of the Board and I am pleased that he has demonstrated further commitment to the Club by adding to his shareholding. Danny Fiszman remains a driving influence on the Board and is fully committed to the Club’s long term future."
Kroenke was admitted to the board last September as an non-executive director. His group KSE also owns Major League Soccer side Colorado Rapids, Denver Nuggets basketball team and the Colorado Avalanche ice hockey team.
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