Kroenke set to take over Arsenal in £1.8billion deal
- Admin
- Aug 7, 2018
- 1 min read
American billionaire, Stan Kroenke, is set to take full control of Arsenal after minority shareholder Alisher Usmanov, accepted a buyout offer of his 30 per cent stake.
The deal values the club at £1.8billion.
A statement from Kroenke Sports & Entertainment (KSE) said it has “received an irrevocable undertaking from [Usmanov’s] Red and White Securities to accept the offer.”
Kroenke currently holds just over 67 per cent of shares, but buying up Usmanov’s stake means he can force the remaining individual shareholders to sell their combined three per cent stake.
“We at KSE are moving forward with this offer leading to 100 percent ownership of the club,” Kroenke said in the statement.
“We appreciate Mr. Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”
If the buyout is completed, it would be the first time in Arsenal’s history that the entire club will be in the hands of one owner.
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