The sale of Lady Nina Bracewell-Smith’s shares, which is expected to go through within the next month, is threatening to upset the delicate balance of power between the club’s largest shareholders, with Kroenke, the owner of several sports franchises in the United States, and Usmanov, the Uzbek-born mining billionaire, vying for outright control.
Bracewell-Smith, a former board member and the fourth-largest shareholder at the club, appointed the London office of Blackstone, the American finance house, to sell her 15.9 per cent stake last month. Bankers from Blackstone are in talks with a number of potential buyers, including investors from China, Singapore and India, however, Aliko Dangote, the Nigerian tycoon, today denied he is among them. “I am a longstanding supporter of Arsenal Football Club and have been involved in conversations around investment in the past,” Dangote said in a statement.
“However, I can say categorically at this time that I have no intention of investing in the club and will not be acquiring a stake. I wish Arsenal Football Club the best for the future and will continue to follow the team as a fan.” Arsenal’s shares are changing hands on the open market for up to £9,250, but it is thought Bracewell-Smith was initially trying to hold out for slightly more because of the strategic importance of her stake. Kroenke, who is also trying to gain control of the St Louis Rams, the American football club, holds the upper hand at at present because he has the support of Danny Fiszman, a director who owns 16 per cent. By buying that stake and those of small shareholders, Kroenke could call on more than 50 per cent of a vote. A combination of Fiszman and Bracewell-Smith’s holdings would give Kroenke or Usmanov control.
Source Time Online
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