Lady Nina Bracewell-Smith is back. Her friend Karren Brady
sealed the deal over dinner, the former Birmingham chief executive
urging her to return with her head held high.
The First Lady of Arsenal, a victim of the boardroom coup led by
Danny Fiszman last year, remains a formidable figure. She is
sitting on a £100million fortune, potentially a key player in the
takeover strategy of 'Silent' Stan Kroenke.
Her 15.9 per cent stake is a stumbling block, a considerable
barrier to Kroenke's aspirations of owning Arsenal lock, stock and
barrel.
Kroenke has reached the threshold, upping his stake in the
Gunners to 29.9 per cent and threatening to take the club into
American hands.
Bracewell-Smith has enough clout to help block his bid, a source
of comfort for the minority shareholders who fear a full-blown
takeover.
She said: "It is all so delicate but selling my shares is not
something I want to do at the moment. No one has offered to buy
them. "What is important right now is the team. Everyone has to
concentrate on what is happening on the pitch. "I don't want to be
controversial but I don't know what I'm going to do with my
shareholding just yet."
She was removed from office last December without explanation,
ending her family's 70-year association with the Arsenal
boardroom.
The Bracewell-Smiths feel betrayed, angered by the actions of
the Arsenal board after such long service.
Lady Nina was ousted during a stormy meeting between key figures
at the club and left out in the cold after daring to question the
motives of Silent Stan.
More than a year later, Arsenal's supporters are none the wiser,
kept in the dark as Kroenke continues to raise the
stakes.
A close friend said: "The way the board treated Lady Nina was a
disgrace. "Her family has a long history with the club and they are
proud of their association. "That was taken away from her in one
swift motion and those scars are deep.
"She doesn't want to take the wrong step and she doesn't want
Arsenal's supporters to be upset with her decision. There is a lot
of hostility at Arsenal."
The pull of the Gunners outweighs the power battle behind the
scenes, with Bracewell-Smith retaining an affection and affinity
for the club. She finally caved in to frequent requests from
friends last Tuesday, watching the 2-0 victory over Standard Liege
in the Champions League.
It was good to be back among friends, swept away with the
matchday buzz, the excitement and the anticipation of watching
Arsenal play.
She has missed those moments over the past year, keeping away
after Fiszman persuaded the board that she had burned her
bridges.
Her friend added: "Her family has a lot of history with the club
and that is why she has to be careful about her decision. "She has
no idea what will happen in terms of the ownership. She just knows
that there is no way back for her."
Originally, Bracewell-Smith was part of the boardroom pact, the
infamous lockdown agreement which the directors subscribed to in
order to safeguard the future of the club.
That was to keep the likes of Kroenke and Uzbekistan tycoon
Alisher Usmanov out, with Fiszman frequently reminding supporters
that he "built the Emirates with his bare hands".
Given that the diamond dealer is not short of a bob or two,
Fiszman has baffled ex-boardroom members by continuing to dispose
of his shareholding to Silent Stan.
He is a ruthless figure, purging former vice-chairman David
Dein, director Richard Carr and then Bracewell-Smith to protect
Arsenal's interests. Bracewell-Smith will not rush into a decision
over the future of her shareholding, accepting that her days in the
Arsenal boardroom are over.
There have not been any formal approaches from Silent Stan or
Usmanov, no offers to line her family's pockets with one final
pay-day.
"She will do what is best for her family," a friend added. "As
for Danny Fiszman and Peter Hill-Wood, she feels neither love nor
hatred - she feels nothing for them.
"If she sells her shares, she wants to retain some, so she can
still be a shareholder. That is her intention but the next step is
complicated."
Lady Nina currently holds 9,893 Arsenal shares which will decide
the balance of power at the Emirates.
At the current share price, her holding would fetch £86.6m but
she could expect a huge windfall if Kroenke purchases them before
May 2010.
He would have to buy them at the highest price he has paid for
them which is £10,500 per share.
And that would net Lady Nina an astonishing £103m for almost 16
per cent of Arsenal.