Why isn’t the Arsenal board going on the offensive?
After Usmanov’s charm offensive (where he declared himself an Arsenal and Arsene Wenger fan), it was only a matter of time before the Arsenal board responded with a move of their own. The directors have extended their lock-down agreement on share sales, which now stands as follows (in the words of Peter Hill-Wood):
“Members of the board are committed long-term shareholders, and to strengthen the current position they have entered into a new agreement which replaces the existing lock-down agreement.
Under the new agreement, the board members have agreed not to dispose of any of their interests in the club before April 18, 2009, other than to certain permitted persons, such as close family.
After that date, for the remainder of the term of the agreement, they can only sell their shares to another person if the other parties to the agreement do not wish to buy them.
The agreement is for five years although it can be terminated early by the parties on its third anniversary [18 October 2010].”
It’s a good move, but a defensive one for Arsenal. I don’t see how the lock-down will stop Usmanov from acquiring the rest of the shares that the directors don’t control, which he will eventually end up doing if he throws enough money at Arsenal shareholders (Kroenke could still be tempted to make a good profit on his 12% state in Arsenal). Unlike last time (against Kroenke), PHW and Arsenal have been calmer and less aggressive - and while the restraint is admirable, the defensive moves are questionable.
Time to go on the offensive? At the very least the directors could make a move to increase their shares to beyond 50% (currently at 45.45%).
All the latest football headlines.
What would be an example of going on the offensive? And what is the threat if he cannot execute a takeover?
Usmanov has money, so why is Arsenal on the defensive? They have limited resources so what’s the point of refusing offers for more money? Personally, I’m a Chelsea fan, so I hope Arsenal plunge into turmoil, but it’s stupid. Even by Gunners standards.
Limited resources? Are you talking about the second richest club in the world in terms of revenue?
A takeover by Usmanov would only be bad for the club.
Once again, ignorance is the order of the day on this site.
There are a big % of Arsenal fans who own one or two shares and who aren’t going to be betray their club for a few quid. The board have said that they can count on enough shareholders (friends of the board) to secure at least 51% ‘come hell or high water’. For instance, these people include PHW’s son.
Anyway, the board have been acting together for some time. As such, it was arguable that they almost a consortium shareholding and because they owe >29.9% between them, any attempts to purchase any further shares would have triggered the takeover rules and the board would have been obliged to make an offer for the rest of the company’s shares.
Any ‘takeover’ is dead in the water.
Also, chuck in Kroenke’s shares (Kroenke requested a copy of the lockdown and his advisors are studying it) and that’s that.
There’s really no need for the board to try and beat Usmanov at his own game because the end game will always be decided on their terms.
No takeovers please, we’re English.
The Heart and Soul of England’s Last Great English Controlled Club remains in tact.
This is a great day for English football.
Arsenal board does not want to go on the ‘offensive’ because they know the driving force behind the two takeover activities is one of their own, David Dean(who still may have many tricks up his sleeve). And David Dean is still a force to be reckoned with in the club[notice that Arsene Wenger was seen having lunch/dinner/some insignificant meal and has not commented(especially in the negative way) on any of his one-time "mentor"'s deeds]. Dein can yet come up with a plan to takeover the club and still retain Wenger(which will mean the vast majority of us Gooners will still support him) and the players(very few of whom are british and still the british media treats them with lavish praise). It looks like the Board thinks that a united board is a good tactic to any outside interference, and that may be why it is better to “wait and watch” (especially Mr.Dein)………..
“No takeovers please, we’re English.
The Heart and Soul of England’s Last Great English Controlled Club remains in tact.
This is a great day for English football.”
English and Arsenal in the same sentence? You must be fucking joking, mate.
Yo tts whats your definition of an ‘English Club’ ? One with english players, or one with an english manager or one with and english boardroom?