Arsenal’s majority shareholder Stan Kroenke has offered Alisher Usmanov $777 million for his 30 percent stake in the club with the American businessman aiming for total control of the north London team.
And Usmanov has agreed to sell his shares, with Kroenke Sports Enterprises (KSE) making an announcement to the London Stock Exchange on Tuesday about the buy-out of the club.
In what seemed like a parting shot, Usmanov said: “I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world.”
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With the offer for Usmanov’s 30 percent, KSE value Arsenal at $2.3 billion. In the statement to the LSE, they revealed that $721 million will be borrowed to complete the deal but that debt will not be placed against the club.
Kroenke currently owns 67 percent of the club through his company KSE and the American billionaire has made it clear to Russian billionaire Usmanov, a long-time critic of Kroenke, that he will not sell him any of his shares.
That has led to Usmanov offering $1.3 billion to buy the club outright as recently as last year, but any advances were rejected by Kronke and he is now set for total control of Arsenal.
Fans of the Gunners have long protested for Kronke to sell his shares in Arsenal and leave, but that isn’t happening any time soon.
With Arsene Wenger out as manager after 22 years in charge, new boss Unai Emery is at least sprucing things up on the pitch at the Emirates Stadium.
It appears the business off the pitch at Arsenal will remain the same for many years to come.
Still, at least Kroenke can’t move the team to LA or St. Louis, right?