Arsenal chairman Peter
Hill-Wood has revealed that he will be meeting with American
businessman and new major shareholder Stan Kroenke.
Kroenke, who owns Colorado Rapids - who recently agreed a
co-operation deal with The Gunners, owns a 12.2 per cent stake in
the club and has been linked with a buy-out at Emirates
Stadium.
Indeed Kroenke's interest saw the departure of David Dein from the
Arsenal board - as the former vice-chairman was in favour of
further investment from the American, something which his fellow
directors were firmly against.
However, Hill-Wood in a letter to all shareholders has now admitted
that he will be meeting with Kroenke.
"As you will no doubt be aware, Arsenal now has a new major
shareholder, Stan Kroenke, who has bought a 12.2 per cent stake in
the Club over the last few weeks," Hill-Wood's statement
read.
"Mr Kroenke, an American entrepreneur, is a known sports investor
and currently owns several sports clubs including the MLS side
Colorado Rapids, with whom Arsenal recently formed a strategic
marketing partnership. Our managing director, Keith Edelman, has
already had one meeting with Mr Kroenke since his investment and I
myself have spoken to him recently to arrange a meeting so that I
can hear what he has to say.
"His recent acquisition of shares has caused a great deal of media
speculation and the Board felt that the time is right to reassure
you about the future of our Club.
"Our philosophy at the Club is the same as it always was: to ensure
that Arsenal remains one of the elite football clubs and
consistently competes at the highest level.
"Many years ago the Board recognised that if Arsenal Football Club
was to retain this position, there would have to be a serious
change in the way that we operated our business and, specifically,
this meant moving from our beloved Highbury.
"Our approach, which is very much in line with Arsene Wenger's, is
that the funds generated from ticket sales, broadcasting revenue
and the like should be made available for investment in players and
that this is the most sustainable way to ensure the Club's
long-term growth and future.
"The Board, and in particular Danny Fiszman, Ken Friar and Keith
Edelman, have worked tirelessly over the last few years to increase
the funds available for the Club, in particular through the
development of the Emirates Stadium.
"The result is that we now generate revenues comparable with the
largest football clubs in the world and we have nearly tripled
revenues over the last six years.
"The Directors, who as a collective group are the Club's largest
shareholders, have always decided against the payment of dividends
so that the money can be filtered back into the playing side of the
Club.
"I do recognise that this season has not yielded the silverware
that we would all have wished for, but we fully support Arsene and
his strategy of building an outstanding young team which plays
attractive football and will challenge for trophies well into the
future.
"In addition, should Arsene wish to strengthen the squad in the
summer, funds are available for him to do so. In fact, we plan to
continuously increase the investment in the squad year on
year."