Monday, April 7, 2008

Arsenal Soccer Broadband Rights Sold Back to Team

UK commercial TV operator ITV has now sold its 50 percent stake in Arsenal Broadband Ltd, which runs the London soccer club’s online interests, to US sports mogul Stan Kroenke’s KSE UK firm. Kroenke became a significant shareholder in the Gunners last year when the broadcaster’s Granada unit sold him its 9.9 percent stake in the club. Announcing falling profit in last month’s 2007 earnings, ITV said it would sell its half stake in the broadband interests of both Liverpool and Arsenal. KSE is paying £22.7 million ($45.32 million) for Arsenal Broadband Ltd, which runs both and a Highbury Auction site, though has given a total £65 million for ITV’s Arsenal interests. The sale completes ITV’s current wave of disposals, which saw the stake attract £15.75 million and also included disposals in MUTV and Liverpool itself, making £101 million from football-related disposals in the last year.

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