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Alisher Usmanov and his 30% Arsenal shareholding
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JAY-Z
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Mr Nick09
RealGunner
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Alisher Usmanov and his 30% Arsenal shareholding
Alisher Usmanov is very close to owning 30% of Arsenal Holdings
shares. By the time you read this he may even have got there. Does it
matter? Here’s a bullet point summary.
How many shares has Alisher Usmanov got now?
Why does Alisher Usmanov want 30% of Arsenal shares?
What else does a 30% shareholding mean?
So 30% confers no other privileges. What percentage shareholdings are important?
Does it matter if the club is taken private?
When can Usmanov make an offer?
So why doesn’t he make Kroenke an offer now?
What we don’t know is what either Kroenke or Usmanov intend doing in
the long term, or which would ultimately be better for Arsenal. Many
supporters are disappointed that Kroenke has failed to engage and are
concerned about his intentions; Usmanov is a totally unknown quantity as
an owner, and if he gained control he may not stick to any promises
made beforehand. Meanwhile the apparent stagnation in the boardroom does
not appear to be helping the manager or the team.
Source
shares. By the time you read this he may even have got there. Does it
matter? Here’s a bullet point summary.
How many shares has Alisher Usmanov got now?
- It is impossible to give an exact figure because there is no
obligation for a purchaser of shares to announce every time he buys one.
Announcements have to be made at certain thresholds; the last one for
Usmanov was when he reached 29% in June 2011. - Tracking his purchases as far as possible since then gives him a
figure of just over 29.9% now, leaving him perhaps 50 shares short of
30%.
Why does Alisher Usmanov want 30% of Arsenal shares?
- There is a Premier League rule that when a shareholder in a club
reaches a stake of 30% he is allowed full access to the club’s books.
That means he gets all the details of who is paid what, where all the
income comes from and where the expenditure goes. - This knowledge will allow any shareholder to judge whether the
business is being run well much better than they can by reading the
published accounts that are available to anyone. There is a wealth of
detail that can be hidden in ‘overall wages’ and ‘miscellaneous
expenses’. - But the Premier League didn’t put this rule in place to help minor
shareholders like Mr Usmanov, they put it in place so that if ownership
of a club was split between several parties, those with relatively big
holdings could not duck out of the responsibilities of ownership, they
would be forced to take an interest. - What the PL didn’t envisage was the situation at Arsenal, where
there is a majority shareholder (over 50%) plus another shareholder at
30% who is not welcome on the Board. - So Usmanov wants to get to 30% to allow him full access to the accounts.
- Stan Kroenke may or may not care whether Usmanov reaches 30%; he
doesn’t care enough to buy up remaining small shareholdings in order to
stop Usmanov getting them. - However, Kroenke still may resist opening the books on the basis
that the rule was implemented to stop people avoiding liability, and Mr
Kroenke is very happy to take full liability at Arsenal, thank you very
much.
What else does a 30% shareholding mean?
- Short answer: nothing – anymore. Not at Arsenal, anyway. When there
are a bunch of small shareholders and no single person has majority
control, 30% is the magic figure at which a shareholder has to make a
bid for all other shares in a company. - Again this is designed to stop shareholders avoiding responsibility.
It stops them building a big stake in a company without taking on any
of the duties of ownership. - You will recall that Kroenke bought enough shares to take him to
just below the 30% threshold, then stuck on that level until it suited
him and the rest of the Board to make his move. At that point he agreed a
price with Danny Fiszman and the other Board members, and was obliged
to make an offer for all the other shares. - But now that that there is a majority shareholder, there is no rule
that says Usmanov getting to 30% obliges him to do anything. He does not
have to make an offer to Kroenke if and when he reaches 30%, and this
is not his reason for wanting to get there. - Some people mistakenly think that 30% entitles Usmanov to a seat on
the Board. It doesn’t. The Board is voted for by the shareholders and
votes require a majority, 50% plus one share. As Kroenke has about 67%
his vote wins. Usmanov is not joining the Board.
So 30% confers no other privileges. What percentage shareholdings are important?
- The most important is 50%, because most votes in limited companies
in the UK require a simple majority. As stated, Kroenke owns about 67%,
so no one can outvote him on anything to do with the day to day running
of the club. He can appoint the Board, sack people and interfere in
Arsène’s team talks if he likes. - When the other shares are split into smaller blocks and you have a
few mates on the Board with you, it is possible to maintain day to day
control of a company with a stake of around 30% – as Danny Fiszman was
doing – but you need 50% to be absolutely sure you don’t need to answer
to the riff raff. - 75% is also important, as you need support from holders of 75% of shares to make some changes to the company constitution.
- This is why Usmanov’s initial push was to get to 25% before Kroenke
launched his full bid. Although Usmanov knew he could not easily get a
majority (with Kroenke already cosied up to Danny Fiszman), with 25% he
could block anyone restructuring the company and trying to keep him out
for good. - The last important number is 90%. If a single shareholder reaches
90% then he can, if he desires, force the remaining shareholders to sell
up and then take the company private. Kroenke had no chance of reaching
90% as long as Usmanov opposed his takeover, so the remaining small
shareholders can be grateful to Usmanov for that. - We may never know whether Kroenke would have taken Arsenal private,
but as supporter feelings do not appear to be high on his list of
priorities it’s a possibility. It appears that he views supporters as a
necessary evil and small shareholders as an unnecessary irritant. I
would love to be proved wrong. - If Kroenke does decide to sell to Usmanov at some point, Usmanov will immediately have over 90%. We’ll then find out his real attitude to supporters and small shareholders very quickly.
Does it matter if the club is taken private?
- Depends on your outlook. If you have no interest in how your
football club is run and think that is for other people to deal with
(even though it affects every aspect of what happens on the pitch), then
no, it doesn’t matter. - But public companies have to publish accounts and have a certain
level of openness, which I prefer to believe is important when the
company is a football club that people invest in emotionally as well as
financially. - Ask yourself this: Do you prefer to have a club where supporters can
scrutinise to a large extent how it is run, or do you prefer everything
behind closed doors and the Board not answerable to anyone but
themselves?
When can Usmanov make an offer?
- Anytime he wants to. Tomorrow, next year, never.
So why doesn’t he make Kroenke an offer now?
- Probably because there is no indication that Kroenke wants to sell.
- When he made a counter offer right after Kroenke had made his, Usmanov specifically said he would buy anyone’s shares except
Kroenke’s; that was to stop Kroenke immediately making a quick few
million by buying shares from others at one price and then selling
straight on to Usmanov. - Usmanov now gives the impression that he would quite happily buy all
Kroenke’s shares, but probably not for the same amount he is paying for
the few odd shares he is still picking up from small shareholders. - The scarcity of shares in the market and Usmanov’s determination to
reach 30% means that the price he’s paying has pushed up from under £14k
to £16k a share. If you took this as a true reflection of value and
extrapolated it to apply to all Arsenal shares, then the club is
suddenly worth over £1bn, compared to the £760m that Kroenke’s offer
valued it at. Clearly this is a hypothetical figure, at a time when the
on-field performance is flagging. - An unfortunate consequence of Usmanov’s push for 30% is the shortage of shares for the Arsenal Fanshare scheme, in which supporters club together to buy shares and maintain an independent stake in the club for the benefit of all.
What we don’t know is what either Kroenke or Usmanov intend doing in
the long term, or which would ultimately be better for Arsenal. Many
supporters are disappointed that Kroenke has failed to engage and are
concerned about his intentions; Usmanov is a totally unknown quantity as
an owner, and if he gained control he may not stick to any promises
made beforehand. Meanwhile the apparent stagnation in the boardroom does
not appear to be helping the manager or the team.
Source
RealGunner- Admin
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Re: Alisher Usmanov and his 30% Arsenal shareholding
Who is the bad guy? Usmanov or Kroenke?
Mr Nick09- Forum Legend
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Re: Alisher Usmanov and his 30% Arsenal shareholding
Having two owners is good and bad for Arsenal.
Will explain later.
But really a good read this one...
Will explain later.
But really a good read this one...
Highburied- Banned (Permanent)
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Re: Alisher Usmanov and his 30% Arsenal shareholding
Whats the problem with the owners? Wenger wont spend anyway
JAY-Z- First Team
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Re: Alisher Usmanov and his 30% Arsenal shareholding
Kroenke >>> Usmanov
Iceman- First Team
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Re: Alisher Usmanov and his 30% Arsenal shareholding
At least Usmanov cares about us and he is not here to make profit out of us
EL Patron- Fan Favorite
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Re: Alisher Usmanov and his 30% Arsenal shareholding
Iceman wrote:Kroenke >>> Usmanov
no way, not from what ive been hearing about kroanke
REWB- Fan Favorite
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Re: Alisher Usmanov and his 30% Arsenal shareholding
At least Usmanov cares about us and he is not here to make profit out of us
EL Patron- Fan Favorite
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Re: Alisher Usmanov and his 30% Arsenal shareholding
At least Usmanov cares about us and he is not here to make profit out of us
EL Patron- Fan Favorite
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Re: Alisher Usmanov and his 30% Arsenal shareholding
Who says Usmanov cares about us? Some PR? He doesn't know the first thing about football and his money is most likely tainted. His policy is against that of the club's as well.
Kroenke >>> Usmanov
Kroenke >>> Usmanov
Iceman- First Team
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Re: Alisher Usmanov and his 30% Arsenal shareholding
I don't like Usmanov nor Kroenke, i wouldn't like our club to be run like Chelski and City. At least Usmanov wants the team to do well on the pitch just not off it, he is not just profit driven.
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Re: Alisher Usmanov and his 30% Arsenal shareholding
Finally Alisher Usmanov Has His Majority Shares In Arsenal…Kroenke Beware
Published By Danny Griffiths On Monday, February 13th 2012.Tags: Alisher Usmanov, arsenal, Arsene Wenger, Premier League, Stan Kroenke
This has to be the best news to happen to the club for some time, finally Russian billionaire Alisher Usmanov has got the 30% shares he needed to demand a seat on the Arsenal board, which will really be worrying not only for Ivan Gazidis but majority shareholder Stan Kroenke also, as this move will surely now open a whole can of worms of what really has been going on behind closed doors at Arsenal over the past 6/7 years and where the money from sales and profit really has gone in all that time.
And that slippery eel Ivan Gazidis should really be shaking by now as Usmanov is firmly behind bringing David Dein back to the club also in the role that Gazidis now runs, and runs very badly I must add, no longer is there the bridge that there once was between Arsenal manager Arsene Wenger and the board as there was in Dein’s time at the club, despite a very public face Wenger and Gazidis do not really share the same views on the policies of the club nor does himself and American billionaire businessman Stan Kroenke who is in the club for the sole aim of profit and marketing not anything else, Usmanov is a huge passionate football fanatic Kroenke is not, he is a businessman out for that almighty dollar, you have to look how far his American teams have fallen from grace since he has been in charge to realise that most notably the NFL team the former LA Rams not St Louis Rams, who Kroenke shipped off and moved back due to American teams being a franchise rather than anything else, they used to be one of the toughest NFL teams, now they’re a shade of their former selves during Kroenke’s time in ownership of them – mark my words if Kroenke was offered a mega bucks deal for the land the Emirates is on, trust me he would take it and bulldoze the place for a new Wallmart and multi storey car park without any hesitation, he is a businessman after all,
Alisher Usmanov will ultimately be given access to the clubs accounts with this percentage, something that will now be concerning the shareholders and board members alike, every detail of the club will now be under scrutiny in fine detail by Usmanov and that can only be a good thing, he will now find out for sure if there were the millions the club claimed every season they had for new players, or if the board have been using their famous smokescreen ploy to appease fans, and instead whilst not spending on strengthening the team, have indeed just been paying off debts, most worryingly of all, we will find out if the board have indeed been lying to fans, or if the one who indeed has been refusing to spend is and always has been Arsene Wenger, as many of us have thought, surely now he will also be worried at this prospect.
If Umanov is to do what the majority want, and force a takeover bid from Stan Kroenke – for me I hope he does, he will first now have to make his intentions known to the OF-EX market, he would then following that have up to six months to go ahead and make the offer for whatever shares are remaining, which you can guarantee in order to stop him will become the highest price for shares he has had to pay out on to date, before he can do any of that mind he will have to pass what is the Premier League Owners and Directors Test, to determine once and for all whether Usmanov is suitable to own a Premier League football club, and if he passes that test – he can then start to bang on the door for a proper seat in the board, from the one man who has been denying him this so far and refusing him, Stan Kroenke the American owner who was noted as the ringleader behind an attempt by American owners to turn the Premier League into an American business franchise and abolishing the relegation system of the league.
Good on you Alisher Usmanov, the majority of fans are behind you on this, and the sooner the better that the board finally have something to fear and worry about – which also may in turn finally put pressure on Arsenal manager Arsene Wenger to deliver his season after season promises and to actually now show results of those promises to succeed, something this current board who have been happy to milk the made profits by Wenger have refused to put pressure on him to succeed and deliver!
Source
Published By Danny Griffiths On Monday, February 13th 2012.Tags: Alisher Usmanov, arsenal, Arsene Wenger, Premier League, Stan Kroenke
This has to be the best news to happen to the club for some time, finally Russian billionaire Alisher Usmanov has got the 30% shares he needed to demand a seat on the Arsenal board, which will really be worrying not only for Ivan Gazidis but majority shareholder Stan Kroenke also, as this move will surely now open a whole can of worms of what really has been going on behind closed doors at Arsenal over the past 6/7 years and where the money from sales and profit really has gone in all that time.
And that slippery eel Ivan Gazidis should really be shaking by now as Usmanov is firmly behind bringing David Dein back to the club also in the role that Gazidis now runs, and runs very badly I must add, no longer is there the bridge that there once was between Arsenal manager Arsene Wenger and the board as there was in Dein’s time at the club, despite a very public face Wenger and Gazidis do not really share the same views on the policies of the club nor does himself and American billionaire businessman Stan Kroenke who is in the club for the sole aim of profit and marketing not anything else, Usmanov is a huge passionate football fanatic Kroenke is not, he is a businessman out for that almighty dollar, you have to look how far his American teams have fallen from grace since he has been in charge to realise that most notably the NFL team the former LA Rams not St Louis Rams, who Kroenke shipped off and moved back due to American teams being a franchise rather than anything else, they used to be one of the toughest NFL teams, now they’re a shade of their former selves during Kroenke’s time in ownership of them – mark my words if Kroenke was offered a mega bucks deal for the land the Emirates is on, trust me he would take it and bulldoze the place for a new Wallmart and multi storey car park without any hesitation, he is a businessman after all,
Alisher Usmanov will ultimately be given access to the clubs accounts with this percentage, something that will now be concerning the shareholders and board members alike, every detail of the club will now be under scrutiny in fine detail by Usmanov and that can only be a good thing, he will now find out for sure if there were the millions the club claimed every season they had for new players, or if the board have been using their famous smokescreen ploy to appease fans, and instead whilst not spending on strengthening the team, have indeed just been paying off debts, most worryingly of all, we will find out if the board have indeed been lying to fans, or if the one who indeed has been refusing to spend is and always has been Arsene Wenger, as many of us have thought, surely now he will also be worried at this prospect.
If Umanov is to do what the majority want, and force a takeover bid from Stan Kroenke – for me I hope he does, he will first now have to make his intentions known to the OF-EX market, he would then following that have up to six months to go ahead and make the offer for whatever shares are remaining, which you can guarantee in order to stop him will become the highest price for shares he has had to pay out on to date, before he can do any of that mind he will have to pass what is the Premier League Owners and Directors Test, to determine once and for all whether Usmanov is suitable to own a Premier League football club, and if he passes that test – he can then start to bang on the door for a proper seat in the board, from the one man who has been denying him this so far and refusing him, Stan Kroenke the American owner who was noted as the ringleader behind an attempt by American owners to turn the Premier League into an American business franchise and abolishing the relegation system of the league.
Good on you Alisher Usmanov, the majority of fans are behind you on this, and the sooner the better that the board finally have something to fear and worry about – which also may in turn finally put pressure on Arsenal manager Arsene Wenger to deliver his season after season promises and to actually now show results of those promises to succeed, something this current board who have been happy to milk the made profits by Wenger have refused to put pressure on him to succeed and deliver!
Source
Sri- Wer ko, der ko
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Similar topics
» Alisher Usmanov increase his stake in Arsenal to 29%
» The facts show that Usmanov is the right man to lead Arsenal to success
» Usmanov: Henry wants me to own Arsenal
» Arsenal must stop selling if they are to win trophies, Usmanov
» Billionaire Usmanov said to bid for Kroenke's stake at Arsenal
» The facts show that Usmanov is the right man to lead Arsenal to success
» Usmanov: Henry wants me to own Arsenal
» Arsenal must stop selling if they are to win trophies, Usmanov
» Billionaire Usmanov said to bid for Kroenke's stake at Arsenal
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