May 6, 2021

Ukraine Breaking News

Ukraine Breaking News | The Latest News In Ukraine

I will present “a very convincing offer”

I will present "a very convincing offer"

Daniel Ek, chief executive and co-founder of Spotify AB, stands for a photograph after a press conference in Tokyo, Japan on Thursday, September 29, 2016.

Akio Kon | Bloomberg | Getty Images

Spotify owner Daniel Ek says he is ready for a “long journey” with his offer to buy Arsenal and will present a “very convincing offer” to try and persuade the Kroenke family to sell.

Swedish billionaire Ek, 38, who has enlisted the backing of club legends Thierry Henry, Dennis Bergkamp and Patrick Vieira, is expected to present his first offer – in the region of £ 1.8 billion – in the coming days.

The Kroenkes, whose ownership has been subject to renewed opposition following the club’s participation in the failed European Super League last week, insist they “will not take any offers”.

Ek expects the Kroenkes to decline his initial offer, but is willing to be patient in what is likely to be a lengthy process.

Speaking at Sky’s sister station CNBC, Ek said: “I have secured the funds for this and I want to bring what I think is a very convincing offer to the owners and I hope they will listen to me.”

Ek, who last Friday used Twitter to express interest in a deal, says he is “very serious” with his takeover bid and wants to “re-engage fans.”

“I only see an amazing opportunity to set a true vision for the club to bring it back to its glory,” he added.

He has already hinted that he would be open to having fan representation on the Arsenal board if he could buy the club, including the ability to give fans a “ golden share ”, which would provide veto power on key decisions. .

“I only focus on the club, I focus on the fans and I focus on trying to bring the club back to glory,” added Ek, who was speaking after Spotify announced its first quarterly results on Wednesday.

“I am first of all a fan, this is the most important thing for me. I want the club to do better. This is my main interest.”

Ek, who co-founded Spotify in 2006 and is estimated to be worth £ 3.2 billion, does not consider his approach to buying the club as personal and was careful not to criticize the current owners during his televised appearance. .

Stan Kroenke, owner of Kroenke Sports & Entertainment (KSE), has been the owner of Arsenal since April 2011.

KSE also owns the NFL Los Angeles Rams franchise, the NBA Denver Nuggets team, the NHL Colorado Avalanche team, and the MLS Colorado Rapids team.

Arsenal director Josh Kroenke told a fan forum that his family would work harder to interact with fans more effectively in the future.

Mikel Arteta’s side – currently in 10th place, 12 points behind fourth-placed Chelsea – must actually win the Europa League if they are to play European football next season.

Dissatisfied Kroenkes fans have someone they can rally behind

Analysis by Sky Sports News reporter Kaveh Solhekol:

“The skeptics said it was a publicity stunt. The cynics said it can’t possibly happen. Well, we’ve heard the main man in person now. Daniel Ek made it clear he is very serious about trying to buy Arsenal. We know Arsenal are worth at least £ 2bn, so it would suggest they managed to get that kind of funding together to try to push through this proposed deal.

“He describes it as a very convincing and thoughtful offer and is telling the Kroenkes, ‘please listen to me, I will make this offer in the next few days, it will be placed in front of you and then it’s up to you to make a decision. He already knows the Kroenkes have said Arsenal are not for sale. It’s no surprise, of course no one will go out and say their Premier League club, which is worth billions of pounds is for sale, but in business, as our CNBC colleagues have pointed out, everything has a price.

“If he can tempt the Kroenkes to sell, then he is ready to move in and buy Arsenal. In the long run, what I think is interesting is that he himself has said he is ready for a long journey. He expects his offer. to be rejected, he expects the Kroenke to tell him the club is not for sale. But now he will always be in the background. We know he’s a real fan, he’s been a fan for 30 years. now he’s close to Thierry Henry, Dennis Bergkamp and Patrick Vieira. He has the legends on board, and these fans who aren’t happy with the Kroenkes now have someone they can rally behind. “

How could Ek finance Arsenal’s takeover bid?

Sky News business presenter Ian King tells Sky Sports News:

“I think he was quite measured, to be honest with you. He answered all the questions they asked him about Arsenal. The thing I took away is that he said” I don’t expect this to be something that is solved from today. to tomorrow “He will not attempt to rush his enclosures in this regard.

Arsenal’s Bosnian German-born defender Sead Kolasinac (R) plays the ball during the English Premier League football match between Arsenal and Manchester United at Emirates Stadium, London on 10 March 2019.

Ben Stansall | AFP | Getty Images

“There are many questions that are raised by the interview he gave to CNBC, one of which will be that he says he has the funding, where he got it from and if he is successful, what resources would the funding be. They would be secured, for example. , on his participation on Spotify?

“His wealth has actually been misreported in the last few days. I mean the exact detail is that he owns 8% of Spotify and currently Spotify’s stock is down 10% on the New York Stock Exchange (NYSE) this afternoon. The company is currently valued at around $ 50 billion, so it owns 8 percent of $ 50 billion, about $ 4 billion to be exact.

“Don’t forget, while many Arsenal fans will keep their fingers crossed and hope to see the Kroenke out, keep in mind that you’ve seen other football club takeovers – particularly when the Glazer family bought Manchester United – a lot of that. was funded by debt, they didn’t put up much of their own capital when they bought that business and as a result a lot of it was secured against the club’s assets and debt service was a huge burden, a huge drain in the coffers of the club. Manchester United over the years “.