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AST statement on Stan Kroenke owning 29.6% of ArsenalPosted on: 03/11/09

The Arsenal Supporters' Trust today issued the following statement in response to Stan Kroenke purchasing a further 427 shares at £8,500 each taking his ownership in Arsenal to 29.6%.

"When Stan Kroenke first invested in Arsenal the AST sought a dialogue with him and visited Denver to inspect some of his other sporting operations. We saw first hand the sports marketing and property development expertise he could offer and successfully called upon the club to invite him to join the Board.

"Yet whilst the AST welcome Stan Kroenke’s involvement, we agree with the sentiment of Peter Hill-Wood’s statement at the most recent AGM that there is no need for any shareholder to launch a takeover of the club. The AST believes in plurality of ownership.

"If a takeover is launched by any party, we would seek urgent discussions with those involved.

"The AST has a good relationship with both Stan Kroenke and members of his team at Kroenke Sports Enterprises (KSE). We have stressed to them the importance of custodianship and that the club will be stronger if it has supporters directly involved in its ownership model. While we cannot vouch for their future actions we are encouraged that they have said they see the AST having an important role to play at Arsenal.

"The AST has repeatedly stated that we are generally opposed to a takeover and would fight any plans that require the club to incur debt to pay for a takeover as has happened at Manchester United and Liverpool.

"Two red lines that cannot be crossed are the use of debt secured on the club’s assets to fund a takeover and an ownership structure which excludes small shareholders.

“The AST’s own assessment of today’s development is that a takeover is not imminent and that today’s purchase is the consolidation of an existing position.