Kieran Maguire suggests next step for Ek's Arsenal takeover after 'formal bid'
We will know Daniel Ek is making progress with a possible Arsenal buyout if he is given access to the club’s “data room.”
That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively about the Swedish billionaire’s takeover aspirations.
Sky Sports reported on 9th June that the music streaming mogul was set to increase his bid to buy Stan Kroenke’s shares in the club to £2billion.
But no further update on the status of the bid has been forthcoming.
Maguire claimed that Kroenke is not legally required to respond.
But he went on to explain that if there was interest in a deal then Ek would be granted access to an in-depth financial report known as the “data room.”
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“There is no obligation on behalf of Kroenke,” he told Football Insider correspondent Adam Williams.
“They can just ignore the emails or the tweets, which appear to be the vehicle through which this is taking place.
“As far as the deal is concerned, Daniel Ek has to put in a formal bid. What would then happen, if Kroenke was interested in selling, is they would be given access to what’s called the ‘data room’.
“This is not just a copy of the accounts but a far more detailed breakdown of the finances of Arsenal, the assets it owns, its potential liabilities.
“Given that there is a lot of nosey people in football, it tends to be a two-tiered process to stop anyone from getting access.
“You can enter the data room provided you pay a deposit, and that deposit would be non-refundable. This gets rid of timewasters.
“Alternatively, you might be able to pay more for a period of exclusivity in terms of putting together a bid and having access to the books.
“So if it’s £500,000 to access the data room, that’s one thing. But you might also put down, say, £2million and say you want exclusive access to the books for the next 30 days. That’s a sign you’re serious.“