FOOTBALL - Arsenal shareholder Alisher Usmanov has increased his shareholding in Arsenal Football Club after his company Red & White Holdings increased their stake in Arsenal to 26.07%. Usmanov's share increase follows that of Stan Kroenke who last month increased his shareholding to 29.9%, which is just below the takeover threshold. Under the financial rules of the City, if anyone crosses the 29.99% takeover threshold, they are obliged to make a formal offer for the remainder of the shares at the highest price paid for stock during the past 12 months.The battle for control of Arsenal between Usmanov and Kroenke has been a protracted affair, and both parties are sure to be trying to find favour with another influential Arsenal shareholder, former board member Lady Nina Bracewell-Smith, whose family hold a 15.9% shareholding in the North London football club.
Earlier this year the Arsenal board turned down Usmanov's proposals for a rights issue to generate new cash. Usmanov had argued the scheme would help to reduce the long-term debt of some £400m, which is mainly associated with the new stadium, and also create extra transfer funds for new players. Arsenal chairman, Peter Hill-Wood, said of the proposals: "This is not something that Arsenal has ever done previously in its history and it would be at odds with our ethos of running the club as a business which is self-sustaining and pays its own way in the world."
loserscomesecond.com
