London (AFP) – Stan Kroenke moved to the brink of a full takeover of Arsenal on Tuesday after minority shareholder Alisher Usmanov accepted an offer worth £550 million ($712 million) for his stake.
American businessman Kroenke currently owns 67 per cent of the Gunners through his company Kroenke Sports and Entertainment and has offered to purchase the 30 percent held by Usmanov’s Red and White Securities firm, valuing the Premier League club at £1.8billion.
Usmanov confirmed in a statement released to Britain’s Press Association that he had accepted the offer but did not give a reason as to why he has now opted to cash in.
Kroenke, owner of the Los Angeles Rams in the NFL, said having a single owner would benefit the club but fans said it was a “dreadful” day.
Despite cup successes in recent years, Arsenal have slipped behind their rivals in the Premier League and have consistently failed to reach the latter stages of the Champions League.
They have not won the title since 2004 and last season finished sixth, 37 points behind champions Manchester City.
Arsenal, who play City in their season opener on Sunday, are also adjusting to life after Arsene Wenger, who left the club in May after 22 years at the helm, replaced by former Paris Saint-Germain boss Emery.
“We at KSE are moving forward with this offer leading to 100 percent ownership of the club,” Kroenke said in a statement published on the London Stock Exchange.
“We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”
Later on Tuesday, Red and White Holdings released their own short statement to confirm the deal.
“I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world,” said Usmanov.
“I wish all the best and great success to this wonderful football club and to all those whose lives and careers are entwined in it.”
– Battle for Arsenal –
The deal brings to an end a battle between billionaires Kroenke and Usmanov for control of the club.
In October last year, KSE offered around £525 million to buy the 18,695 shares held by Usmanov, the Russian businessman who himself attempted to buy out Kroenke in May 2017.
“The successful implementation of the offer will result in the opening of a new chapter in the history of the club in bringing 100 per cent private ownership by KSE,” the statement said.
from World Soccer Talk https://ift.tt/2vKbSMp
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