Arsenal shareholder Alisher Usmanov has confirmed that Stan Kroenke will buy him out for £550m and take total control of the club.
Kroenke owns 67 percent of Arsenal and the 71-year-old American revealed on Tuesday that he had tabled an offer to buy the rest of the shares through his company Kroenke Sports and Entertainment (KSE). Russian businessman Usmanov, 64, will end his 11-year stay with the Gunners when his 30 percent stake in the club – valued at £29,419 per share – goes to Kroenke.
‘I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world,’ a statement from Usmanov’s company Red and White Holdings read.
‘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.’
Kroenke, whose offer to shareholders values Arsenal at £1.8bn, believes a KSE takeover would match the club’s ‘strategy and ambitions’. ‘We at KSE are moving forward with this offer leading to 100% ownership of the club, a statement from Kroenke reads. ‘We appreciate Mr. Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.
‘Private ownership is the most common form of ownership amongst the clubs of the Premier League. ‘KSE believes moving to that model will bring the benefits of a single owner better able to move quickly in furtherance of the club’s strategy and ambitions. ‘Mr. Kroenke’s commitment to Arsenal remains unwavering.’