Stan Kroenke has begun the process of buying up Arsenal shares in order to acquire a majority stake in the club, which would give him total control at the Emirates.
Kroenke Sports and Entertainment (KSE) informed the London Stock Exchange on Tuesday that it has moved forward with plans to buy Alisher Usmanov’s 30% stake in Arsenal, a deal that values the club at £1.8-billion.
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KSE already owns 67% of the Gunners and now stand to be in complete control, with Kroenke of the belief that taking the club private will help them strategically in the long run.
BREAKING: Majority owner Stan Kroenke makes offer to buy @Arsenal in deal valuing club at £1.8bn. #SSN pic.twitter.com/IPn5Ibup0n
— Sky Sports News (@SkySportsNews) August 7, 2018
Usmanov will reportedly receive around £540-million from Kroenke for his Arsenal shares. The news brings to an end a takeover battle at the London club that has lasted more than a decade.
‘We at KSE are moving forward with this offer leading to 100% ownership of the club,’ said Kroenke in a statement. ‘We appreciate Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.’
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Not everyone was happy with Kroenke’s move to take complete control of the club, with the Arsenal Supporters Trust (AST) proclaiming that the news ‘marks a dreadful day’ for the Gunners.
The AST released a statement which read: ‘Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role in upholding custodianship values.
‘By taking the club private, Stan Kroenke will be able to implement the following detrimental actions: pay management fees and dividends without any check or balance, no annual general meeting (AGM) to hold the board to account, remove the independent directors and place debt on to Arsenal to support his other business interests.
‘The AST is also extremely concerned to note that this purchase is being funded by a loan.
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‘The most dreadful part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans.
‘Many of these fans are AST members and hold their shares not for value, but as custodians who care for the future of the club.
‘The AST is wholly against this takeover. Arsenal remains too important to be owned by any one person.’
