ITV may sell Arsenal Shares
Arsenal Football Club’s share ownership may be in breach of Premier League regulations.
In ITV plc’s recently released annual report, the television network details its 10.05 per cent “interest in ordinary share capital” in Arsenal FC for 2005, up from 4.99 per cent in 2004.
ITV plc were formed two years ago, following a merger between regional broadcasters Granada and Carlton, and have a contractual obligation to increase its stake in Arsenal once the planning and purchase order consents had been received for the Emirates Stadium.
Yet, ITV plc’s 10.05 per cent stake in the club is now contravening regulations involving holdings of media companies, which was brought into play by the Office of Fair Trading in 1999 after BSkyB’s attempted takeover of Manchester United.
Following their failed takeover bid, the Premier League capped the percentage stake that broadcasters can invest in football clubs at 9.9 per cent.
The Arsenal board wrote to the Premier League authorities to notify them that ITV plc’s stake ownership was above the allowed investment threshold for a media company.
It is believed that Arsenal will next advise ITV plc of the inconsistency and request they sell their excess Arsenal shares to take them below the permitted threshold.
Date: 31.03.06
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