Kroenke set for full ownership of Arsenal
American sports magnate Stan Kroenke will take full ownership of Arsenal after winning a power struggle with a rival billionaire by securing a deal valuing the English Premier League club at £1.8 billion (US$2.3 billion).
Russian businessman Alisher Usmanov, who was denied a place on the Arsenal board by Kroenke despite building up his stake to 30 per cent, has accepted defeat and agreed to sell up to the majority shareholder. Kroenke, who also owns the NFL’s Los Angeles Rams, currently owns 67 per cent of Arsenal and has taken a bank loan to spend £550 million on Usmanov’s shares.
The deal with Usmanov takes Kroenke beyond the 90 per cent threshold that allows him to mount a mandatory bid for the remaining shares to gain 100 per cent of the London club.
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. KSE said the holders of the remaining three per cent of Arsenal would be entitled to receive £29,419.64 for each share.
The main Arsenal fan group said Kroenke mounting full control “marks a dreadful day” for the club, which is preparing for its first season with Unai Emery as coach after Arsene Wenger’s 22-year reign ended.