Kroenke deal for Arsenal gets Premier League approval
Published: 28th May 2011 13:42:17
Arsenal say the Premier League has given approval to the takeover of the club by American Stan Kroenke.
Kroenke Sports Enterprises (KSE) bought additional shares last month to acquire a near 63% controlling interest in the Gunners' parent holding company.
As obliged, Kroenke made a formal offer for the remaining stock at £11,750 a share but has had no takers.
Kroenke has now given a formal 14 days' notice for the closure of the unconditional offer.
Uzbek oil magnate Alisher Usmanov, who owns 27% of the club through Red & White Holdings, has indicated he will not sell, while the Arsenal Supporters Trust have urged all minority shareholders not to cash in.
Arsenal chairman Peter Hill-Wood said: "The club is very pleased to announce that the Premier League Board has confirmed that the change of control processes under the rules of the Premier League have been concluded to its satisfaction in relation to Stan Kroenke's control of the club.
"KSE's offer for Arsenal Holdings PLC is wholly unconditional and we now look forward to a new and exciting phase in the life of the club. The plan is to maintain the PLUS listing provided there are a sufficient number of shareholders for that to be permitted."
Kroenke first bought 9.9% of Arsenal's shares in 2007.
Arsenal is not about one shareholder, one player or one fan. It's a special institution and we look forward to celebrating that further during the 125th anniversary year of the club
He accepted an invitation to join the Arsenal board in September 2008 and increased his holding in the club with the acquisition of the stakes of Danny Fiszman (16.1%) and Lady Nina Bracewell-Smith (15.9%) in April.
Arsenal is only one of the sporting teams in his portolio, which also includes American outfits the St Louis Rams of the National Football League, the Denver Nuggets of the National Basketball Association, the Colorado Avalanche of the National Hockey League and the Colorado Rapids of Major League Soccer.
"As the controlling shareholder of Arsenal football club, it will always be our intention to do what's necessary to assure success on the pitch, provide long-term stability and build on the accomplishments and history of the club," said Mr Kroenke.
"We recognise that overseeing the operations of the club is not only a privilege but a responsibility that will require attention and dedication as the club strives to reach all of our goals on and off the pitch.
"We will continue to grow the club's presence globally while also adhering to the club's self-sustaining economic model.
"The club has funds to invest and will do so wisely. Our constant aim will be to compete for silverware and championships.
"The long-term health of the club is of utmost importance and the board, chief executive, manager and the wider team will be working hard to achieve success for the club and our fans, and to play our part in our communities in north London and beyond.
"Arsenal is not about one shareholder, one player or one fan. It's a special institution and we look forward to celebrating that further during the 125th anniversary year of the club."
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Harvard CitationBBC News, 2011. Kroenke deal for Arsenal gets Premier League approval [Online] (Updated 28th May 2011)
Available at: http://www.ukwirednews.com/news/157609/Kroenke-deal-for-Arsenal-gets-Premier-League-approval [Accessed 1st Aug 2014]
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With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
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