U.S. sports tycoon Stan Kroenke is to join the board of Arsenal as a non-executive director, the UK football club said on Friday as it announced full-year profits jumping on growing stadium and broadcast revenue.The club said that Kroenke, owner of the U.S. Colorado Rapids soccer team, has confirmed he will not increase his shareholding above 30 percent in the next year.
Kroenke holds a 12.4 percent stake in Arsenal but says he is not interested in pursuing a full buyout.
The Premier League team has been the centre of takeover speculation since Russian billionaire Alisher Usmanov and London-based Fahrad Moshiri built a 24 percent stake in the club.
Arsenal board members owning about 46 percent of the club have jointly agreed not to sell their stakes in an effort to stave off a takoever. Kroenke is not part of this shareholder pact.
Arsenal Chairman Peter Hill-Wood said that Kroenke "brings with him a wealth of experience through his direct involvement in sports clubs in the U.S. and we expect to benefit from his commercial insights and knowledge."
The plus-listed company reported pretax profit for the year ended May 31 of 36.7 million pounds against an underlying pretax of 26.9 million pound the previous year. Turnover rose to 223 million pounds from 200.8 million, driven by a 50 percent rise in broadcast income and a five percent rise in matchday income.
The club, which disappointed fans by finishing third last season, said Premier League TV contracts and its core business offset lower sales and its property development business. (Reporting by Lorraine Turner; Editing by David Cowell)
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