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Arsenal board recommends Kroenke takeover

Stan Kroenke has vowed to retain Peter Hill-Wood as chairman © PA Photos

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Arsenal's independent directors have recommended on Friday that shareholders accept an offer from Kroenke Sports Enterprises (KSE), owned by Stan Kroenke, regarding the takeover of Arsenal Football Club.

US billionaire Kroenke increased his stake in the club to 62.89 per cent in April, with manager Arsene Wenger welcoming the move, claiming Kroenke had "the best interests of Arsenal at heart."

Kroenke has now submitted the offer document for his takeover bid, which became mandatory when he raised his stake in the club to 63%. Crucially, Arsenal's independent directors have recommended that shareholders accept the offer.

A statement on the club's official website reads: "Today KSE, UK, INC. ("KSE") has announced an offer for Arsenal Holdings PLC.

"As part of the offer KSE, which is a company owned by existing Arsenal director Stan Kroenke, has committed to continue to operate the club in line with our existing self-sustaining business model.

"Mr Kroenke has a proven track record of successful long-term investment in sport and has confirmed that he has asked the existing board to remain in place. This includes Mr Peter Hill-Wood as chairman. Mr Kroenke is also fully supportive of manager Arsene Wenger whom he has stated is a wonderful manager.

"KSE has also stated that the offer will not be funded by debt finance secured against the club. The independent directors of Arsenal comprising of Mr Hill-Wood, Ivan Gazidis, Ken Friar, Sir Chips Keswick and Lord Harris of Peckham have considered these confirmations as well as the offer price and, having received advice from an independent adviser, Rothschild, are recommending that shareholders accept the offer."

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