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Gunners boss urges Stan

5 October 2007 | 22:09 - PA Sport

Arsenal chairman Peter Hill-Wood has urged American investor Stan Kroenke to help the board block a takeover by Russian billionaire Alisher Usmanov.

 

Kroenke has a 12% stake in the Gunners and his shares could be a significant target for Usmanov, who has increased his holding to 23%.

Acquiring them would give his investment vehicle, Red and White Holdings Ltd, the opportunity to launch a hostile takeover bid for the whole company.

Arsenal's board members between them hold 45% and have signed a "lockdown" agreement to refuse to sell their shares in the short term.

Part of the reason for the agreement was because of Kroenke's increasing investment and fear he might launch a takeover bid.

Hill-Wood even said of Kroenke: "We don't need need his money and we don't need his sort".

The situation has changed, however, since former vice-chairman David Dein sold his 14.58% share to Usmanov.

Dein is chairman of Red and White Holdings Ltd.

Hill-Wood, who met Kroenke earlier this week, told the Daily Telegraph: "I think it would be rather nice if he [Kroenke] would join the lockdown. It's obviously up to him, but we would certainly welcome it."

"He now sees the benefits from a long-term relationship with us and he is not remotely interested in making a bid. He knows perfectly well what we are up to with the lockdown and I don't think he disapproves of it."

"We have been comforted by that. We don't want to be taken over."

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