American sports tycoon Stan Kroenke has reiterated that he does not intend to borrow money against Arsenal to fund his proposed purchase of the remaining shares in the Premier League club.
In an effort to appease fans worried by the example of Manchester United's 2005 takeover by the Glazer family, Kroenke made the pledge Friday in the official offer document for the 37 percent of shares he does not own.
''The offer will not be funded by way of any debt finance for which the payment of interest on, repayment of, or security for any liability will depend on the business of Arsenal,'' KSE UK Inc., a company owned by Kroenke, said in a statement.
Kroenke's fellow American, Malcolm Glazer, borrowed heavily against United to raise the finance for his takeover of the Premier League powerhouse.
Debt-free before the takeover, United currently has liabilities in excess of 500 million pounds ($809 million).
KSE ''has committed to continue to operate the club in line with our existing self-sustaining business model,'' Arsenal said in a statement.
Kroenke's mandatory bid was triggered last month when he increased his stake past a 30 percent threshold. He assumed effective control of the north London team by buying stakes held by former directors Danny Fiszman and Nina Bracewell-Smith.
His offer of 11,750 pounds ($19,313) per share values the club at about 731 million pounds ($1.2 billion). Forbes magazine estimates Manchester United as being worth $1.9 billion, placing it top of its list of most valuable clubs for seven straight years.
But while Manchester United is top of the standings and aiming for a fourth Premier League title in five years, Arsenal has not won a trophy of any kind since the 2005 FA Cup.
Kroenke, who also owns the NFL's St. Louis Rams, NBA franchise Denver Nuggets, the Colorado Avalanche of the NHL and current Major League Soccer champion the Colorado Rapids, bought his first stake in Arsenal in 2007.
His bid for the remaining shares could yet be frustrated.
Russian investor Alisher Usmanov signaled his intent to hold onto his shares two weeks ago when he increased his stake to 27.1 percent by spending 70,950 pounds ($115,600) on six shares.
