April 5, 2007 5:13 PM
Kroenke buys piece of Arsenal
By Pat Graham
AP Sports Writer
Rapids owner Stan Kroenke bought a 9.99 percent stake in London’s Arsenal soccer team from the British television network ITV.
Kroenke, a real estate developer who also owns the Nuggets and Avalanche, said Thursday that he also entered into “conditional arrangements� with ITV involving the sale of ITV’s 50 percent share in Arsenal Broadband Limited.
The total value of the deals would be approximately $128.1 million, Kroenke’s company said in a statement.
A spokesman for Kroenke Sports Enterprises wouldn’t comment on whether Kroenke would attempt to buy Arsenal outright down the road.
“It’s always been our policy not to speculate on any investments,� said Paul Andrews, executive vice president and chief marketing officer for Kroenke Sports. “We hold pretty tight to that policy.�
Kroenke Sports announced in February it had formed a marketing alliance with the Arsenal club to exchange business, commercial and marketing information and share coaching and training philosophies.
“We really have a tremendous amount of respect for Arsenal and the way they manage their team,� Andrews said.
Andrews said the marketing alliance led to Kroenke’s interest in Arsenal.
“It’s fair to say he was impressed with them and made this investment due to the respect he gained in that process,� Andrews said.
Andrews wouldn’t comment on whether the Rapids planned to change their name to Arsenal. When the marketing alliance was announced, Arsenal manager Arsene Wenger insisted it did not mean Kroenke was buying the London team.
“(The deal) is not for a takeover,� Wenger said in February. “There are enough Americans in the league now.�
Kroenke, who is also a co-owner of the St. Louis Rams, is the latest American businessman to invest in a European soccer team. Tom Hicks and George Gillette Jr. recently completed their takeover of Liverpool. Hicks owns baseball’s Texas Rangers and the NHL’s Dallas Stars, and Gillette owns the NHL’s Montreal Canadiens.
Tampa Bay Buccaneers owner Malcolm Glazer controls Manchester United, and Cleveland Browns owner Randy Lerner took over Aston Villa this season.
April 6, 2007
7:15 AM
Allen writes:
So how long before we see the name changed to Arsenal Colorado?
REPLY FROM GEORGE
you're killin' me here.
December 20, 2009
10:07 AM
Web Marketing Network writes:
Bravo, what necessary phrase..., an excellent idea