Tuesday, 16 October, 2018

Shareholder Alisher Usmanov says he accepts rival Stan Kroenke's bid for club

U.S. billionaire Kroenke seeks to buy all of Arsenal for £1.8bn Kroenke set to take full control of Arsenal FC in bid valuing club at £1.8bn
Frederick Owens | 07 August, 2018, 23:02

KSE said the holders of the remaining 3 percent of Arsenal will be entitled to receive 29,419.64 pounds for each share.

Kroenke first bought up a 10-percent stake in 2007, which gradually increased to close to 30 percent by 2009.

Arsenal's second-biggest shareholder, Russian billionaire Alisher Usmanov, has reportedly agreed to the deal, meaning the takeover should go through easily.

Kroenke first took a share in Arsenal in 2007, and has gradually grown his share in the club, which now stands at 67%.

But the Arsenal Supporters' Trust (AST) said it was a "dreadful" day for the club, adding it was too important to be owned by one person.

Arsenal shareholder Stan Kroenke is set to take full control of the North London football club as part of a deal valuing the team at £1.8 billion.

To pay for the deal, Mr Kroenke will pay £45m in cash and take a £557m loan from Deutsche Bank.

The move has been greeted by a lot of negativity among Arsenal support with a lack of transparency among the concerns voiced as the Gunners prepare for the new league season.

"Kroenke plans to forcibly purchase the shares held by Arsenal fans".

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In October, Kroenke Sports Enterprise UK (KSE) offered around £525m to buy the 18,695 shares held by Mr Usmanov's Red and White Securities Limited.

"The most terrible part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans", the Trust said.

Despite more recent successes in the FA Cup competition, Kroenke's running of the club continues to divide the Arsenal fanbase, many of whom perceive there to have been under-investment in top players at a time when foreign money has been boosting the fortunes of domestic rivals.

"We appreciate Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents".

"KSE's ambitions for the club are to see it competing consistently to win the Premier League and the Champions League, as well as the major trophies in the women's senior game and at youth level", added the KSE statement. "Kroenke's actions will neuter their voice and involvement", the Trust said in a statement.

New manager Unai Emery, who joined from Paris St Germain, will be given a baptism of fire this weekend when Arsenal kick off their new season against Manchester City.

"The AST is wholly against this takeover".

For Kroenke, it means he gets full ownership of the club.

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