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Stan Kroenke, the American billionaire, has accepted an offer to join the Arsenal board as a non-executive director.
It is thought that the move is an attempt to ward off the potential takeover threat from Alisher Usmanov, the club’s largest shareholder.
Arsenal’s directors have been forging closer ties with Kroenke, who owns a 12.38 per cent stake, since Usmanov began raising his stake to 24.9 per cent. The board’s initial antipathy towards Kroenke, which was encapsulated when Peter Hill-Wood, the chairman, said that Arsenal did not want “his sort”, has been reversed as it seeks to fight off the Russian billionaire.
A club statement said: "It has been announced today that E. Stanley Kroenke has accepted the board's invitation to become a director of Arsenal Holdings PLC ("Arsenal") as a non-executive director.
"Mr Kroenke is the shareholder in Kroenke Sports Enterprises (KSE), the leading live sports and entertainment group based in Denver, Colorado. In April this year KSE acquired from ITV plc a 50 per cent share in Arsenal Broadband Limited and at the same time entered into a strategic partnership with the club through Colorado Rapids, the KSE franchise. Mr Kroenke holds approximately 12.4 per cent of Arsenal's issued share capital.
"Mr Kroenke fully supports the approach the board has taken in setting the direction of the Club. The board believes Mr Kroenke's experience in sports team commercial management, sports marketing, media and new media rights as well as real estate development will be of great value to the board.
"Mr Kroenke has confirmed that he will not increase his shareholding beyond 29.9 per cent of Arsenal's issued share capital within the twelve months following the date of this announcement"
"We are delighted to welcome Stan to the board of Arsenal," Hill-Wood said. "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."
Kroenke added: "It is a real honour to be invited to join the board of Arsenal given its pre-eminent reputation and position in football world-wide.
"I hope that my background in sports management will be an asset to Arsenal in its commercial dealings going forward."
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Kroenke has sporting pedigree as well as billions. Not quite as rich as the Gulf Princes or the oligarchs, but he'll bring a sense of realism, patience and ingenuity in bringing Arsenal wealth and success in the years to come. I'm tempted even to wear a Colorado Rapids shirt at the Emirates!
Mitch Gooner, london,
He'll be a valuable asset to Arsenal and a potential extra buyer of shares if the board decide to consider a single main share holder as the best way forward for the club, he would be the better option instead of that Uzbek, Alisher Usmanov from Red & White holdings.
LondonGooner, London, England