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Stan Kroenke's takeover is sign global super league is coming

07 August 2018

Most of that is held by Russian businessman Alisher Usmanov, through Red and White Holdings, which KSE said had given an "irrevocable undertaking.to accept the offer".

The statement on the London Stock Exchange said KSE, a DE corporation owned by Kroenke, holds 41,743 Arsenal shares.

In October previous year KSE offered £525 to buy the shares held by Usmanov while the Russian billionaire himself failed with a £1bn takeover bid and has become frustrated at not having a seat on the board or any say over the running of the club.

Initially viewed with suspicion by the Arsenal board, the 71-year-old started building his stake in 2007 as he slowly bought out the families who had run the club for generations.

"We at KSE are moving forward with this offer leading to 100% ownership of the club", said Kroenke.

Speculation also emerged in 2017 that Usmanov was looking to buy Kroenke's shares with the minority shareholder reportedly offering £22,000 per share.

Usmanov and Kroenke have both tried unsuccessfully to buy up the other's shares in the past.

'Incredibly sad day for so many of our fan shareholders that no longer own a part of this club, ' said Wright.

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

"This news marks a awful day for Arsenal Football Club", declared an AST statement.

Despite more recent successes in the FA Cup competition, Kroenke's running of the club continues to divide the Arsenal fanbase, many of whom perceive there to have been under-investment in top players at a time when foreign money has been boosting the fortunes of domestic rivals.

'Stan Kroenke taking the Club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values, ' the statement reads.

There will be big dividends getting paid out from the football club as a profit maximising entity, but for Arsenal that's not really any different to what they have had for the past 10 or 15 years with Usmanov and back when Farhad Moshiri (former shareholder and Everton co-owner) was involved. "Kroenke's actions will neuter their voice and involvement", the Trust said in a statement.

"By taking the Club private Stan Kroenke will be able to. place debt onto Arsenal to support his other business interests", Arsenal Supports' Trust said. It is in effect legalised theft to remove a brake on how Arsenal is managed'.

The club last won the Premier League in 2004.

"The AST is wholly against this takeover".

Stan Kroenke's takeover is sign global super league is coming