Caz
2nd May 2007, 10:41 AM
Arsenal director Danny Fiszman insists the club do not need a billionaire benefactor to compete with the rest of the Barclays Premiership's 'big four'.
Speculation continues to grow that American tycoon Stan Kroenke is readying himself for a hostile takeover at the Emirates Stadium after recently upping his stake in the Gunners' parent holding company to 12.19%.
But diamond dealer Fiszman, Arsenal's biggest shareholder with 24.11% of the club, believes the current board have proven they possess the financial management skills to help manager Arsene Wenger challenge mega-rich Chelsea, Manchester United and Liverpool for major honours.
He told Sky Sports: "I've been on the board 15 years now. Since then, we've had tremendous success on the pitch and we've built a fabulous team, a young team.
"We've built the stadium. It's not a bad stadium is it? And also a state-of-the-art training ground.
"All that has been done with our own resources. We've done everything in a sensible and financially-conservative way.
"Other than Chelsea, we've seen no evidence of big amounts being put into a club.
"The board is there to ensure that the future of Arsenal improves and that we continue the success that we've had in the past.
"We will do everything we can in order to ensure that."
Fiszman cannot see how selling to Kroenke would achieve that aim.
"We are open to anything that will improve the club but we're going to have to be seriously convinced that it would improve the fortunes of the club," Fiszman told Sky Sports.
"It's going to be very, very difficult to explain to me and to the rest of board how you can actually make substantial investment - which would be another £400million, £500million, £600million - and expect a return for that.
"If it's just an 8-10% return, you're talking about £50million or so. That's got to come out of the club, otherwise there's no point making a purchase.
"I don't know how they're going to be able to improve the finance of the club at that sort of amount."
And Fiszman warned Kroenke that even if he increases his stake to the 30% needed to make a formal takeover, the board and their "friends" will refuse to fold.
"The board has 45.5% of the shares. We also obviously have friends which takes us over 50%," Fiszman said.
"They can mount a hostile bid but they're never going to get control of the club.
"The future of the club is in the hands of the board."
Fiszman refused to comment on speculation Kroenke was in league with David Dein, who left the club due to "irreconcilable differences" with the rest of the board.
Dein's backing of Kroenke is believed to be the reason behind the departure of the vice-chairman, who still owns 14.6% of the club's shares.
Dein's duties included player acquisition and Gunners boss Wenger revealed yesterday he would like a fellow Englishman to take on those responsibilities in a new director of football role.
Wenger said in his programme notes for the Barclays Premiership clash with Fulham: "At the moment, I do not have anyone in mind for the position.
"There is no hurry to bring someone in, but I have to say I am thinking at the moment about employing someone from this country, so that they know more about the rules and regulations of the Premiership and English football.
"They are my first thoughts but I am still open-minded to it and nothing has been decided yet."
Speculation continues to grow that American tycoon Stan Kroenke is readying himself for a hostile takeover at the Emirates Stadium after recently upping his stake in the Gunners' parent holding company to 12.19%.
But diamond dealer Fiszman, Arsenal's biggest shareholder with 24.11% of the club, believes the current board have proven they possess the financial management skills to help manager Arsene Wenger challenge mega-rich Chelsea, Manchester United and Liverpool for major honours.
He told Sky Sports: "I've been on the board 15 years now. Since then, we've had tremendous success on the pitch and we've built a fabulous team, a young team.
"We've built the stadium. It's not a bad stadium is it? And also a state-of-the-art training ground.
"All that has been done with our own resources. We've done everything in a sensible and financially-conservative way.
"Other than Chelsea, we've seen no evidence of big amounts being put into a club.
"The board is there to ensure that the future of Arsenal improves and that we continue the success that we've had in the past.
"We will do everything we can in order to ensure that."
Fiszman cannot see how selling to Kroenke would achieve that aim.
"We are open to anything that will improve the club but we're going to have to be seriously convinced that it would improve the fortunes of the club," Fiszman told Sky Sports.
"It's going to be very, very difficult to explain to me and to the rest of board how you can actually make substantial investment - which would be another £400million, £500million, £600million - and expect a return for that.
"If it's just an 8-10% return, you're talking about £50million or so. That's got to come out of the club, otherwise there's no point making a purchase.
"I don't know how they're going to be able to improve the finance of the club at that sort of amount."
And Fiszman warned Kroenke that even if he increases his stake to the 30% needed to make a formal takeover, the board and their "friends" will refuse to fold.
"The board has 45.5% of the shares. We also obviously have friends which takes us over 50%," Fiszman said.
"They can mount a hostile bid but they're never going to get control of the club.
"The future of the club is in the hands of the board."
Fiszman refused to comment on speculation Kroenke was in league with David Dein, who left the club due to "irreconcilable differences" with the rest of the board.
Dein's backing of Kroenke is believed to be the reason behind the departure of the vice-chairman, who still owns 14.6% of the club's shares.
Dein's duties included player acquisition and Gunners boss Wenger revealed yesterday he would like a fellow Englishman to take on those responsibilities in a new director of football role.
Wenger said in his programme notes for the Barclays Premiership clash with Fulham: "At the moment, I do not have anyone in mind for the position.
"There is no hurry to bring someone in, but I have to say I am thinking at the moment about employing someone from this country, so that they know more about the rules and regulations of the Premiership and English football.
"They are my first thoughts but I am still open-minded to it and nothing has been decided yet."