1 Apr 2009Gazidis welcomes Kroenke's increased Gunners stake

Football Clubs News | Football Referees, Players, Managers and Media

Arsenal chief executive Ivan Gazidis has endorsed Stan Kroenke's decision to increase his stake in the club, it was revealed today (April 1st).

American tycoon Kroenke bought £42.5 million worth of shares from fellow director Danny Fiszman this week, taking his holding in the Gunners to around 20 per cent.

Gazidis, who knows the billionaire from his time as deputy commissioner of Major League Soccer in the US, has explained that the move is in line with club's overall philosophy.

He said: "[Stan] has been a good part owner of Arsenal and an active participant on the board.

"He is a long-term investor who thinks about the sports business very carefully and philosophically is very close to the traditional Arsenal ethos. He believes in the club running itself on a self-sustaining basis."

Gazidis added that Arsenal is not a "gambling club" and that he is confident stars such as Robin van Persie and Theo Walcott will sign new contracts at the Emirates Stadium.

The Arsenal board currently has a lockdown agreement in place, whereby they cannot sell shares to anyone without giving other directors the first option until October 2012.

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