Kroenke on brink of full Arsenal takeover

11 August, 2018, 07:44 | Author: Suzanne Horton
  • Stan Kroenke makes share bid for full control of Arsenal

Africa's richest man, Aliko Dangote, has failed in his bid to purchase English Premier League football club, Arsenal.

'We can not have a football club used as collateral against an owner's other business interests and we urge the Premier League to thoroughly examine this deal'.

Kroenke edged closer to completing a full Emirates Stadium takeover on Tuesday, after minority shareholder Alisher Usmanov agreed to sell his stake for a deal in excess of £550million.

United States-based investment vehicle Kroenke Sports and Entertainment said it received an "irrevocable undertaking" from Usamanov's Red and White Securities to accept the offer for its 18,695 Arsenal shares as soon as possible.

The Russian made a bid to buy-out Kroenke past year but it failed and, with his business partner Farhad Moshiri owning Everton, Usmanov could invest the money he is set to receive from KSE into the Toffees and be made to feel much more welcome.

Usmanov, a long-time critic of Kroenke's, said: "I have chose to sell my shares in Arsenal Football Club which could be the best football club in the world".

Kroenke, owner of the Los Angeles Rams in the National Football League, said having a single owner would benefit the club but fans said it was a "dreadful" day.

Labour leader Jeremy Corbyn has hit out at American billionaire Stan Kroenke's plans to take full ownership of Arsenal FC, and declared his solidarity with the Arsenal Supporters Trust's bid to thwart the proposals.

Stan Kroenke has made an offer to buy Arsenal, in a deal that values the club at £1.8 billion ($2.3bn).

"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 problem the club's fans have with this move, however, is that it means they will no longer hold any shares.

Stan Kroenke makes share bid for full control of Arsenal
Arsenal: Shareholder Alisher Usmanov says he accepts rival Stan Kroenke's bid for club

Usmanov and Kroenke have always insisted that one would not sell their stake in the club to the other.

'This news marks a awful day for Arsenal Football Club, ' it read.

Arsenal finished sixth in the league and missed out on a place in the Champions League last season.

In a statement published on the London Stock Exchange yesterday morning, Kroenke said: 'We at KSE are moving forward with this offer leading to 100 per cent ownership of the club.

It added: "The AST is also extremely concerned to note that this purchase is being funded by a loan".

So, who is Kroenke and how long has he been involved with Arsenal?

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'KSE is a committed, long-term owner of the club'.

"The Arsenal Supporters' Trust is wholly against this takeover", one fans' group said.

In a world where clubs are owned by billionaires who do not always turn up to watch them play, the independent shareholders formed a rare bridge between the club's board and its fans.

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.


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