By Marcus Leach
American businessman Stan Kroenke has increased his grip on shares at Arsenal, increasing his stake to 62.89%, and has now agreed to make an offer to buy the club.
As part of the offer KSE, which is a company owned by existing Arsenal Director Stan Kroenke, has committed to continue to operate the Club in line with the existing self-sustaining business model.
Mr Kroenke has a proven track record of successful long-term investment in sport and has confirmed that he has asked the existing Board to remain in place. This includes Mr Peter Hill-Wood as Chairman. Mr Kroenke is also fully supportive of Manager Arsène Wenger whom he has stated is a wonderful manager.
KSE has also stated that the offer will not be funded by debt finance secured against the Club.
The Independent Directors of Arsenal comprising of Mr Hill-Wood, Ivan Gazidis, Ken Friar, Sir Chips Keswick and Lord Harris of Peckham have considered these confirmations as well as the offer price and, having received advice from an independent adviser, Rothschild, are recommending that shareholders accept the offer.