Quote:
In March 2007 Fiszman sold a block of 659 shares for over £3.9m to Stan Kroenke Sports Enterprises (KSE).[7] This was a significant sale as reducing his stake to less than 25% resulted in a loss of veto rights over any future changes to the company statutes. Speculation linked this with a move abroad where he would substantially reduce any Capital Gains Tax liability that would come with a sale of his stake in the club.[8] Fiszman stated his desire not sell any more of his shares for the foreseeable future,[9] after the sale of 5,000 ordinary shares to Kroenke takes the American's stake in Arsenal Holdings plc to 12,756 Shares (representing 20.5%). On 27 March 2009 Fiszman sold 5,000 ordinary shares of £1 each in Arsenal Holdings plc to KSE, UK, Inc, at a price of £8,500 per share.
Wikipedia
Now sure he chose to sell to Stan but maybe it's because he didn't want Usmanov involved and maybe because he thought his family would be better off with the cash rather than a stake in the club, who knows. He was in cahoots with PHW though, so it made sense to sell to Kroenke.