Tuesday 7th August 2018
AST statement on Kroenke offer for Arsenal Football Club This news marks a dreadful day for Arsenal Football Club.
Stan Kroenke taking the Club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values.
By taking the Club private Stan Kroenke will be able to implement the following detrimental actions:
· Pay management fees and dividends without any check or balance
· No Annual General Meeting to hold the Board to account
· Remove the Independent Directors
· Place debt onto Arsenal to support his other business interests
The AST is also extremely concerned to note that this purchase is being funded by a loan.
The most dreadful part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans. Many of these fans are AST members and hold their shares not for value but as custodians who care for the future of the club. Kroenke's actions will neuter their voice and involvement. It is an action designed to remove shareholder scrutiny on how Arsenal is managed.
The AST is wholly against this takeover. Arsenal remains too important to be owned by any one person.
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