Kroenke increases Arsenal stake

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LONDON, May 2 – Arsenal announced on Friday that American businessman Stan Kroenke had increased his stake in the club from 20 percent to 28.3 percent after purchasing 5,000 shares from director Richard Carr's family.ARSENAL_LOGOA statement on the Premier League side’s official website read: "The shares were acquired at prices of 8,500 pounds per share and 10,500 pounds per share.

"As a result of the acquisition, Stan Kroenke has a beneficial interest in, and controls voting rights over 17,613 ordinary shares in the company, representing 28.3 percent of the company’s issued ordinary shares."

Arsenal chairman Peter Hill-Wood said: "I would like to pay tribute to the long-standing commitment that the Carr family have shown towards Arsenal.

"The club are hugely indebted to them for the role that they have played in the development and success of the club over the years.

"The board particularly wish to thank Richard Carr for his hard work, effort and integrity since joining the board in 1981 and I am pleased to say Richard will continue on as a director of the club."

The move was welcomed by the Arsenal Supporters’ Trust, who said in a statement: "We were the first shareholders at Arsenal to welcome Kroenke’s initial investment. We have since established a good dialogue with him and this will continue.

"Our position is that stability and plurality in ownership is to the benefit of Arsenal.
"New chief executive Ivan Gazidis has made a good impression and says he values our role and the importance of custodianship.

"We hope he will build relationships with all shareholders so that the club has stability off the pitch which is a vital ingredient for success on it."

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