Arsenal fans fuming over takeover

ARSENAL were facing a furious backlash from fans last night after US business tycoon Stan Kroenke moved towards a total takeover worth £1.8billion. Kroenke has agreed to pay £550million to buy second largest shareholder Alisher Usmanov’s 30 per cent stake. Arsenal legend Ian Wright led the response, as the club moved to the brink of being wholly American-owned, tweeting: ‘Oh God Noooooooooo.’ The Arsenal Supporters Trust said: ‘This news marks a dreadful day for Arsenal FC. The most dreadful part is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans. Many of these fans are our members and hold their shares not for value but as custodians who care for the future of the club. ‘Kroenke’s actions will neuter their voice and involvement. It is in effect legalised theft to remove shareholder scrutiny on how Arsenal is managed.’ Former major shareholder Nina Bracewell-Smith, who sold her part ownership of the club to Kroenke in 2011, tweeted: ‘It’s a truly sad day for Arsenal Football Club.’

Sportsmail understands Kroenke’s son, Josh, will take on a more influential role once the takeover is complete. He will be a strong contender to replace current chief executive Ivan Gazidis if he decides to take up an offer from AC Milan. Kroenke, who currently owns 67 per cent of the club, will take his shareholding to 97 per cent once the deal, which was confirmed to the London Stock Exchange yesterday, is ratified. He has secured a loan from Deutsche Bank worth £557m to fund the takeover, though his investment vehicle Kroenke Sports Entertainment (KSE) insist the money has not been taken out against the club. The deal will take Kroenke past the 90 per cent shareholding threshold, triggering a mandatory offer to buy the remaining three per cent of isolated shares. There are fears Kroenke will seek to register Arsenal in Delaware, USA, where KSE’s other sporting franchises — including the American football team LA Rams and basketball’s Denver Nuggets — are based.