Russian and American moguls can’t share Arsenal
Published: 15 April, 2011, 02:07
Edited: 15 April, 2011, 13:08
The Emirates Stadium
TAGS: Investment, Russia, UK, Team sports, English Premier League, Football, USA
There has been recently a power struggle at Arsenal. The Gunners' new majority shareholder, American Stan Kroenke, stalled in his bid to become the club's sole owner, thanks to Russian billionaire Alisher Usmanov.
Kroenke owns a total of five sports teams in the US, including the Denver Nuggets of the NBA, Colorado Rapids of Major League Soccer, Colorado Avalanche of the NHL, Colorado Mammoth of the National Lacrosse League and St. Louis Rams of the NFL. The American recently increased his Arsenal stake to 63%.
Kroenke’s move for control was hastened by the illness of Arsenal director Danny Fiszman, who died on April 13 after a battle with throat cancer.
Usmanov, an Uzbek-born Russian, is now the only other major shareholder at the club, and says he will not let go of his 27%, simply because he is a huge fan of the team.
“I’m not going to sell,” said Usmanov. “I love Arsenal, that’s why I’m a shareholder.”
The billionaire was denied a chance to increase his ownership in the past, and had to watch as those same shares were sold to Kroenke, who himself needs to control 75% of the club to make major changes in the way it is run.
Usmanov is Russia’s sixth richest man, with an estimated net worth of $17.7 billion.
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