AmEriCAn KroEnKE Aims To TAKE FULL ownErship oF ArsEnAL
— Majority shareholder Stan Kroenke has made an offer to take full ownership of Arsenal in a deal that would value the English Premier League club at 1.8 billion pounds ($2.3 billion).
The US-based Kroenke Sports and Entertainment owns 67 percent of the club and has offered to purchase the 30 percent held by Alisher Usmanov’s Red and White Securities firm.
In a statement published on Tuesday via the London Stock Exchange, the company said the successful implementation of the offer would bring benefits of a single owner “better able to move quickly in furtherance of the club’s strategy and ambitions. KSE is a committed, long-term owner of the club.”
“We at KSE are moving forward with this offer leading to 100 percent ownership of the club,” Kroenke was quoted as saying. “We appreciate Mr. Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”
The KSE, which also owns the NFL’s Los Angeles Rams, said it has received an “irrevocable undertaking” from Red and White Securities to accept the offer for its 18,695 Arsenal shares as soon as possible.
The statement on the London Stock Exchange said KSE, a Delaware corporation owned by Kroenke, holds 41,743 Arsenal shares. It said Arsenal shareholders under the offer will be entitled to receive 29,419.64 pounds for each share. The Arsenal Supporters’ Trust, a fan group, said the news of Kroenke’s offer “marks a dreadful day” for the club.
“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 trust said in a statement. “Kroenke’s actions will neuter their voice and involvement.”
Arsenal last won the Premier League title in 2004. Arsene Wenger ended his 22 years as manager after a sixth-place finish last season and has been replaced by Unai Emery.