A former shareholder at Arsenal Football Club, Lady Bracewell-Smith has issued a claim in the Commercial Court for professional negligence against her former solicitors Linklaters. She alleges that her solicitors gave negligent advice on loan notes she received as payment for her shares causing her to face a substantial tax bill. She claims that the firm failed to advise her properly on the tax she would incur as a UK citizen selling bonds situated outside of the UK.
The claim also states that but for the mistakes of Linklaters she would not have sold her Arsenal shares to Kroenke Sports Enterprises, the company controlled by US businessman Stan Kroenke who is now the club’s majority shareholder but rather would have sold them to Alisher Usmanov in 2011 or another shareholder, resulting in different leadership of the club.
The claim has evidently not been resolved through mediation or other forms of dispute resolution.
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