ITV Sells Arsenal Broadband Stake To Club Co-Owner For $45.32 Million
This story was written by Robert Andrews.
UK commercial TV operator ITV (LSE: 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 Arsenal.com 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 LiverpoolFC.tv 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.
By Robert Andrews