Kevin Whitcher
The Arsenal Supporters’ Trust held its annual general meeting last night and with all the events of the previous 24 hours, it was a well-timed one.
The messages of significance that came out are as follows…
Although Stan Kroenke is legally obliged to offer to buy every share, he has no wish to de-list Arsenal from the Plus market exchange, meaning shares can still be traded between individuals.
The AST’s understanding is that Alisher Usmanov’s Red & White Holdings do not intend to sell up. Usmanov simply does not need the money and wants to retain his interest in Arsenal. Crucially, his shareholding means that any dramatic restructuring of Arsenal that would require an Extroadinary General Meeting (such as that which approved the re-financing of the stadium loan arrangements in Keith Edelman’s day) needs his approval, which is a barrier against potential shenanigans some fear may occur once Kroenke has control.
It also safeguards the club from being taken private in the event Kroenke decides he doesn’t want to hold AGMs anymore. So at least there remains the opportunity for some accountability.
Some small shareholders may view Kroenke’s mandatory offer of £11,750 per share as a once only opportunity to get some money for their shareholding. The Trust favours plurality of ownership (encouraged by their own Arsenal Fanshare scheme). This principle may seem all well and good, but if you think you will only get one chance to sell your share, it may be felt as an expensive one for some. However, the Trust wish to emphasise that, should you decide to hang onto your share and not accept Kroenke’s offer to buy it, there will be future opportunities to sell your share. This can happen either because another private individual will buy it through the existing methods or through the Fanshare scheme itself, which needs to purchase shares for the scheme’s members.
So, it is not a case of now or never, and there of course remains the possibility that, as an investment, the value of the shares may even grow higher. No-one can say for sure, but history suggests that to be the case.
So there is every indication that Arsenal will remain under the ownership of a large number of shareholders, albeit only two of them not small shareholders. The difference going ahead is that instead of Danny Fiszman and Stan Kroenke controlling the club, it will now just be Kroenke. Initially, it will not feel very different, although in time, it’s safe to say new faces will be drafted onto the board as certain of the, shall we say, less dynamic directors take more of a back seat.
Just a bit of housekeeping here. The winners of our Paul Merson competition are as follows…
David Johnson, Cheltenham
Gavin Ardley, Colchester,
Ryan Simmonds, Crawley
Grant Lear, Hertford
David Byrne, Clonee, Dublin
There will be another chance to win signed copies of the book in the next issue of The Gooner which will be on sale for the Manchester United and Villa home matches.
The current issue of The Gooner, which is only on sale for one more home game, can be bought online here.
