ENGLISH PREMIER LEAGUE:ARSENAL YESTERDAY moved a step closer towards a takeover when the club's third-largest shareholder reportedly began the process of selling her stake.
Lady Bracewell-Smith, who holds nearly 16 per cent of the club’s shares, has appointed bankers to find a buyer for the shares, according to reports in London. Russian billionaire Alisher Usmanov and Stan Kroenke have long been fighting for control of the club and if either bought a notable amount of Bracewell-Smith’s stock, it would trigger a formal takeover bid.
Kroenke reportedly needs as few as 10 shares to reach the threshold. He holds 29.9 per cent of shares, the highest figure allowed by Stock Exchange rules without a takeover bid.
Usmanov’s Red and White Holdings have 26 per cent.
Bracewell Smith could get €90 million if she sells out altogether and is understood to have hired Blackstone, a US group, to find a buyer, a move which could imply she is not intending to sell to fellow director Kroenke.
