INSIDE SPECIAL ON THE ARSENAL OWNERSHIP BATTLE

SWEEPING through the entrance to the Emirates last Tuesday, she took her seat in the stands for the first time in more than a year.

Lady Nina Bracewell-Smith is back.

Her friend Karren Brady sealed the deal over dinner, the former Birmingham chief executive urging her to return with her head held high.

The First Lady of Arsenal, a victim of the boardroom coup led by Danny Fiszman last year, remains a formidable figure.

She is sitting on a £100million fortune, potentially a key player in the takeover strategy of 'Silent' Stan Kroenke.

Her 15.9 per cent stake is a stumbling block, a considerable barrier to Kroenke's aspirations of owning Arsenal lock, stock and barrel.

Kroenke has reached the threshold, upping his stake in the Gunners to 29.9 per cent and threatening to take the club into American hands.

Bracewell-Smith has enough clout to help block his bid, a source of comfort for the minority shareholders who fear a full-blown takeover.

She said: "It is all so delicate but selling my shares is not something I want to do at the moment. No one has offered to buy them.

"What is important right now is the team. Everyone has to concentrate on what is happening on the pitch.

"I don't want to be controversial but I don't know what I'm going to do with my shareholding just yet."

Betrayed

She was removed from office last December without explanation, ending her family's 70-year association with the Arsenal boardroom.

The Bracewell-Smiths feel betrayed, angered by the actions of the Arsenal board after such long service.

Lady Nina was ousted during a stormy meeting between key figures at the club and left out in the cold after daring to question the motives of Silent Stan.

More than a year later, Arsenal's supporters are none the wiser, kept in the dark as Kroenke continues to raise the stakes.

A close friend said: "The way the board treated Lady Nina was a disgrace.

"Her family has a long history with the club and they are proud of their association.

"That was taken away from her in one swift motion and those scars are deep.

"She doesn't want to take the wrong step and she doesn't want Arsenal's supporters to be upset with her decision. There is a lot of hostility at Arsenal."

The pull of the Gunners outweighs the power battle behind the scenes, with Bracewell-Smith retaining an affection and affinity for the club. She finally caved in to frequent requests from friends last Tuesday, watching the 2-0 victory over Standard Liege in the Champions League.

It was good to be back among friends, swept away with the matchday buzz, the excitement and the anticipation of watching Arsenal play.

Lockdown

She has missed those moments over the past year, keeping away after Fiszman persuaded the board that she had burned her bridges.

Her friend added: "Her family has a lot of history with the club and that is why she has to be careful about her decision.

"She has no idea what will happen in terms of the ownership. She just knows that there is no way back for her."

Originally, Bracewell-Smith was part of the boardroom pact, the infamous lockdown agreement which the directors subscribed to in order to safeguard the future of the club.

That was to keep the likes of Kroenke and Uzbekistan tycoon Alisher Usmanov out, with Fiszman frequently reminding supporters that he "built the Emirates with his bare hands".

Given that the diamond dealer is not short of a bob or two, Fiszman has baffled ex-boardroom members by continuing to dispose of his shareholding to Silent Stan.

He is a ruthless figure, purging former vice-chairman David Dein, director Richard Carr and then Bracewell-Smith to protect Arsenal's interests. Bracewell-Smith will not rush into a decision over the future of her shareholding, accepting that her days in the Arsenal boardroom are over.

Complicated

There have not been any formal approaches from Silent Stan or Usmanov, no offers to line her family's pockets with one final pay-day.

"She will do what is best for her family," a friend added.

"As for Danny Fiszman and Peter Hill-Wood, she feels neither love nor hatred - she feels nothing for them.

"If she sells her shares, she wants to retain some, so she can still be a shareholder. That is her intention but the next step is complicated."

Lady Nina currently holds 9,893 Arsenal shares which will decide the balance of power at the Emirates.

At the current share price, her holding would fetch £86.6m but she could expect a huge windfall if Kroenke purchases them before May 2010.

He would have to buy them at the highest price he has paid for them which is £10,500 per share.

And that would net Lady Nina an astonishing £103m for almost 16 per cent of Arsenal.

This article has 8 comments