The AST is encouraged that Stan Kroenke has responded to our questions by adding wording to the offer document on the important role fans have at the heart of the club and committing personally to engage with supporters for the long-term good of the club.

The meetings with supporters that Kroenke refers to in the offer document are with the AST. In these meetings he has spoken of his regard for the role of small shareholders and personally backed Arsenal Fanshare. As a Board member he voted for the establishment of a three year partnership agreement between the club and Arsenal Fanshare (2010 to 2013) and was receptive to the idea of issuing new shares to the scheme.  Kroenke also makes it clear that he does not plan to delist Arsenal from the stock exchange.

Arsenal chief executive Ivan Gazidis has frequently stated his commitment to having supporters involved in the ownership of Arsenal and recently spoke of the importance of the Fanshare scheme to Members of Parliament investigating footballs governance.

The AST takes these words from Stan Kroenke in good faith, in line with our previous dealings, and look forward to working with him to keep Arsenal supporters involved in the clubs ownership structure and contributing to the clubs success.

The AST and the Arsenal Fanshare scheme reiterate that they will not be selling their shares and calls on all supporters to reject this offer. We remind shareholders that this offer is a mandatory process that Kroenke has to follow as result of buying Danny Fiszmans shares and breaching the 30% ownership threshold.

“Stan Kroenke reiterates that no debt finance will be placed on Arsenal as part of his takeover. He has stated that his sports ownership vehicle Kroenke Sports Enterprises (KSE) has put in place a debt facility provided by Deutsche Bank that would enable him to pay cash for the 400m of shares which are subject to his offer if all shareholders agreed to accept his offer and receive cash now. The AST fully expects Lady Nina Bracewell-Smith (120m due) to accept the offer and payment in installments via the Loan Note Alternative and that Red and White Holdings (200m due if they accept the offer) will not sell to KSE.

“To the extent that this debt facility is used to buy the shares KSE states that the Arsenal business will not be used to service this debt. To the best of the AST’s ability we will monitor Arsenal’s accounts to ensure that this is in fact the case.

“Concern at this scenario is exacerbated by Arsenal increasing ticket prices by 6.5% this week to raise an extra 4m net per season. The AST calls on both Stan Kroenke and Ivan Gazidis to urgently clarify that fans paying for their season tickets thismonth will see all of this extra money directed toward investment in Arsenal and the playing squad.

Ends

The full offer document can be read here.

Previous AST comment on this issue can be read here

The AST is meeting on Monday night to discuss this further and a more detailed statement and information will be published after this meeting.