In August, Stan Kroenke agreed a £600 million deal with Alisher Usmanov to relieve him of his significant shareholding in Arsenal. The move took the American beyond the 90 per cent ownership threshold and obliged him to buy the rest.
On 25 September, whether those with small shareholdings accepted the original offer or not, Kroenke completed the compulsory acquisition and became the sole owner of Arsenal.
Private Eye now claim that some of the small shareholders – those who chose not to accept Kroenke’s offer as a means of slowing the inevitable handover – have still not received the cash owed to them. It’s not an insignificant sum either, approximately £50 million in total.
From what we can tell, the hold up isn’t being caused by Kroenke – he appears to have paid what is owed to Link Asset Services, the share registrar. It’s the middlemen causing the headache, seemingly as a result of confusion as to what happens with the actual share certificates.
Here’s the story…
Given the shares are worth £29,420 a pop, you can understand the frustration on the part of the Arsenal fans eager to receive what’s owed to them. Here’s hoping there’s a quick resolution.