Arsenal fans urged not to sell shares to Kroenke

London: Arsenal supporters who own shares in the club are being urged not to sell them to American billionaire Stan Kroenke, who this week agreed a takeover deal.

The Arsenal Supporters Trust (AST) said fans should remain part of the club`s ownership structure.

"The AST and Arsenal Fanshare scheme will not be selling the shares it owns and urges all supporters to reject this offer," said the AST in a statement.

"Arsenal is too important to be owned by any one person. The AST wants to work with Stan Kroenke to keep Arsenal supporters involved in the club`s ownership structure."

Billionaire Kroenke, who already owns close to 30 percent of the London club, said Monday he had offered shareholders 11,750 pounds per share and had already secured the backing of 17 percent shareholder Danny Fiszman and 16 percent shareholder Nina Bracewell-Smith.

The American now controls 63 percent of Arsenal and under Takeover Panel rules is compelled to make an offer for the remaining shares.

Bureau Report