Tycoon increases stake in Gunners
Dein quit over differences with the rest of the board
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Friday, 20, Apr 2007 10:14
Controversial billionaire Stan Kroenke has increased his stake in Arsenal to 12.19 per cent.
The move fuels speculation that American Kroenke will make a takeover bid for the Gunners.
Vice-chairman David Dein sensationally quit on Wednesday after a bust-up with the board over Kroenke's interest.
But a hostile takeover bid is set to be snubbed by Gunners chairman Peter Hill-Wood.
Hill-Wood said the club would resist any foreign takeover "with all our might".
He added: "We are all being seduced that the Americans will ride into town with pots of cash for new players. It simply isn't the case," insisted Hill-Wood.
"They only see an opportunity to make money. They know absolutely nothing about our football and we don't want these types involved.
"Call me old-fashioned but we don't need Kroenke's money and we don't want his sort."
Kroenke Sports Enterprises group bought 9.9 per cent of the north London club from broadcaster ITV on April 12th while Arsenal director Danny Fiszman also sold Kroenke around one per cent of his stake.
Hill-Wood also blasted Dein for being "in league" with businessman Kroenke.
"When ITV sold their shares they called me half an hour before the announcement to tell me. That's not right," Hill-Wood added.
"I asked David Dein if he knew Kroenke and after hesitating he simply said 'Yes'. We suspected that he knew Kroenke far more than he was letting on and we came to the conclusion eventually that he knew him a lot more.
"Our objective is to keep Arsenal English, albeit with a lot of foreign players."
Newspaper reports today claimed Thierry Henry was among a host of players who could leave the club because of their anger over Dein's shock exit.