Massive safety net for Arsenal boss if change in ownership
LONDON: Arsenal chief executive Ivan Gazidis will benefit to the tune of more than £5.5 million (RM30.25 million) if a change of ownership leads to his departure.
The revelation of a massive safety net for Gazidis, already one of the best paid club officials in English football, comes after majority shareholder Stan Kroenke turned down a £1 billion takeover offer from Alisher Usmanov.
Kroenke has made it clear he is not selling but Usmanov’s bid highlights the uncertainty surrounding Arsenal, with the future of manager Arsene Wenger still unclear ahead of Saturday’s FA Cup final against Chelsea.
Gazidis has been ineffectual throughout his eight years at Arsenal, with Wenger all powerful on and off the field.
Nevertheless, he has been paid more than £20 million during that period and has that £5.5 million fortune to cushion him should Usmanov buy Arsenal outright and axe him — or he leaves voluntarily.
The Gazidis windfall is detailed in his service agreement from 2008, which entitles him to three years’ gross salary plus his annual bonus (£1.1 million in 2016) and £100,000 annual pension contributions.
Meanwhile, absentee owner Kroenke would have made an estimated profit of £576 million had he accepted Usmanov’s bid. Daily Mail