Image:Hill-Wood: Wants ownership to remain in-house
Lady Nina Bracewell-Smith has stepped down from the Arsenal board, sparking fresh speculation over the future ownership of the club.
New speculation as to future ownership of club
Lady Nina Bracewell-Smith has stepped down from the Arsenal board, sparking fresh speculation over the future ownership of the club.
She is stepping down from both the board of the club and its holding company ahead of Ivan Gazidis' arrival as chief executive in January.
Richard Carr also resigned from the holding company as part of the reshuffle after 27 years as a director, but will stay on the board.
Bracewell-Smith, the third largest shareholder with a 15.9 per cent stake, last year joined with Carr and Danny Fiszman, who owns 24.11 per cent, in blocking any unwelcome takeover attempts of the club, which is the last of the Premier League's 'big four' to still be in British ownership.
The board all signed up to a lockdown agreement meaning the first option on any sale of shares must be given to existing board members until 2012 so as to stave off any potential hostile bid from outside.
American sports tycoon Stan Kroenke, who holds around a 12 per cent stake in the Gunners parent company, accepted the offer to become a non-executive director on the Arsenal board in September as ties with his Kroenke Sports Enterprises group were strengthened, and could be tempted to further invest.
However, Uzbekistan metals magnate Alisher Usmanov - who bought into Arsenal when he paid former vice-chairman David Dein around £75m for his 14.65 per cent - is likely to be an interested party as his Red & White Holdings company look to increase their stake, which currently stands around 24 per cent.
If that were to reach 30 per cent, then under financial legislation, a formal takeover approach would have to be launched.
Arsenal chairman Peter Hill-Wood remains determined that the ownership of the club will remain in-house, but could offer no guarantees as to where Lady Bracewell-Smith's holding may eventually end up.
Hill-Wood told the club's official website: "Lady Nina is no longer representing the club and therefore is released from the lockdown.
Maintain stability
"However it was created to maintain stability in the club and those participants are committed to maintaining the ownership structure as it is.
"I don't know for certain what she wants to do with her shares. I do know that the Bracewell-Smith family have been involved with the club for many, many years and are great supporters.
"I know that Lady Nina is an advocate of the policies we have been following to make the club self-sustaining and free from external injections of money. She has certainly been in favour of what we are doing.
"We hope that she would remain a shareholder, but she has not spoken to me about it lately.
"She is no longer in the lockdown so she is free to do what she wishes to do."
Hill-Wood added: "A number of the board have indicated in the past that they are interested in buying more shares so the future stability of the club is secure.
"The board is very keen to retain control of the club to ensure that its values and traditions are upheld and live on for many years to come."