The first thing to note about Stan Kroenke’s takeover is that it cannot be stopped. The American already owns 67% and has secured an irrevocable commitment from Red and White Holdings, owned by Alisher Usmanov, for the Uzbek billionaire’s 30%. Under UK takeover rules, anyone owning more than 90% of a company’s shares becomes a “dominant owner” and can force any other shareholders to sell their stock for a fee. Kroenke Sports & Entertainment has said it intends to do precisely that. This means Arsenal Holdings, the club’s parent company, will cease to be a public limited company, with shares that are publicly traded. Why Stan Kroenke’s sole ownership of Arsenal is worrying...
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