Arsenal shares hit record high amid takeover speculation

LONDON (AFP) - Arsenal shares have hit a record high amid rumours that the English Premiership club will be the subject of a takeover bid.

Arsenal were the only one of four English sides in the Champions League this season not to be under foreign ownership.

But as rumours of an imminent takeover abound, Arsenal Holdings PLC shares closed at a record high of 6,275 pounds (12,300 dollars) on Thursday evening.

It pushed the value of the club on the Ofex stock exchange up to 388.87 million pounds (763 million dollars).

Rumours suggest that foreign investors such as Dubai International Capital or Russian aluminium magnate and oligarch Oleg Deripaska are eyeing a bid for the Londoners, who this season moved to a new 60,000-seat stadium.

"It is only speculation, although in September of last year, when there was similar speculation, the board issued a statement to say they were not in talks with anyone. And at this stage, this time around, thay haven't said anything," a member of the Arsenal Supporters' Trust told AFP.

The largest single shareholder Daniel Fiszman, a non-executive director who holds a 24.11 percent stake, sold one percent of the club's capital on March 15, triggering suspicions that a sale could be in the offing.

"With no known reason as to why he's done this at this time and in the absence of any information over who the buyer is, naturally one tries to draw some conclusions," added the supporters' trust source.

Alongside Fiszman, the club's other major shareholders are non executive director Lady Nina Bracewell-Smith (15.90 percent), vice-president David Dein (14.6 percent) and non-executive director Richard Carr (4.38 percent).

Between the four of them they hold a 60 percent stake in the club while television channel ITV holds almost 10 percent.

"The ITV share is definitely for sale but they're holding it for the right price," added the source.

Of England's other big four clubs, Manchester United were bought in 2005 by American billionnaire Malcolm Glazer for 790 million pounds, Liverpool were bought by Americans Tom Hicks and George Gillett in February for 174 million pounds and Chelsea were bought by Russian billionnaire Roman Abramovich in July 2003 for 60 million pounds.