Published: Tue, August 07, 2018
Sport | By Kayla Schwartz

Arsenal valued at $3.1 billion as Kroenke moves to take complete control

Arsenal valued at $3.1 billion as Kroenke moves to take complete control

Kroenke has used his stock ownership of Kroenke Sports & Entertainment, his holding company through which he owns his Arsenal shares and a selection of other assets, such as the Denver Nuggets, Colorado Rapids, sporting stadiums, property and other business interests.

Despite his significant holding, Usmanov did not have a seat on Arsenal's board.

Kroenke already owns 67.09% of Arsenal and has been a shareholder for more than a 10 years.

KSE, meanwhile, said the benefits of single ownership include being "better able to move quickly in furtherance of the club's strategy and ambitions".

The Arsenal Supporters' Trust said the news marked "a terrible day for Arsenal Football Club".

The agreement with Usmanov takes Kroenke beyond the 90 percent threshold that allows him to mount a mandatory bid for the remaining shares to gain 100 percent of the London club.

United States sports mogul Stanley Kroenke, the controlling shareholder in Arsenal Football Club, has agreed to buy Russian billionaire Alisher Usmanov's 30.5% stake in the club.

The Associated Press reports that Kroenke would be using a £557m loan from Deutsche Bank to fund the "complete buyout of Arsenal".

Arsenal showed impressive run their first pre-season under Unai Emery with a convincing 2-0 win over Lazio in Stockholm as Reiss Nelson and Pierre-Emerick Aubameyang found the net.

Malaysia's former PM Najib to be charged with money laundering
Mahathir said anyone who wants to claim ownership of the yacht must show proof that the vessel was not bought with stolen funds. The charges are related to the RM42mil that allegedly went from SRC International into Najib's personal bank accounts.

'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.

"We appreciate Mr. Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents", KSE said.

The deal comes at a crucial time for the North London club, which embarks on life without long-time manager Arsene Wenger, who stepped down in April after 22 years in charge.

Although Kroenke says the deal will benefit the club, which has certainly made its intentions clear with a flurry of eye-catching transfers during the summer window, the official Arsenal Supporters' Trust (AST) made their feelings known by describing the news "a awful day" for the Gunners. Usmanov owns just over 30% of the club through his vehicle Red and White Holdings.

"Kroenke's actions will neuter their voice and involvement".

Usmanov, who has made several attempts to buy out his rival in the past, will receive £550million for his stake in the club.

"The AST is wholly against this takeover".

Kroenke launched a £1.8bn cash bid to take full control of the club. "Arsenal remains too important to be owned by any one person".

Like this: