Arsenal's takeover by Stan Kroenke will change the club forever

Jose Verdugo
Agosto 9, 2018

It means Kroenke will have complete control and take the club private, ending Arsenal's long tradition of financial accountability and transparency by having supporter shareholders.

Usmanov's Red and White Securities firm added: "We confirm that Mr Alisher Usmanov has given an irrevocable undertaking to KSE to accept the offer in respect of Red and White Securities' entire holding of 18,695 Arsenal shares (representing approximately 30.05 per cent) for an agreed price of £29,419.64 per share in cash valuing Red and White Securities' stake at just over £550m".

Kroenke dismissed concerns of fans who last saw the team win the Premier League in 2004 and finish sixth last season to miss out on the Champions League.

Fans worry however that Kroenke, relying on a loan for the bulk of the funding, will not spend enough to compete for players with the likes of Chelsea, Manchester City or Paris Saint-Germain, backed by money from Russian Federation, the United Arab Emirates and Qatar respectively.

In a statement published on the London Stock Exchange, he said: "We are moving forward with this offer leading to 100 per cent ownership of the club".

"I have made a decision to sell my shares in Arsenal Football Club which could be the best football club in the world", Usmanov said in a statement.

In October previous year, KSE offered around £525 million to buy the 18,695 shares held by Usmanov, the Russian businessman who himself attempted to buy out Kroenke in May 2017.

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"The successful implementation of the offer will result in the opening of a new chapter in the history of the club in bringing 100 per cent private ownership by KSE". "I wish all the best and great success to this wonderful football club and to all those whose lives and careers are entwined in it".

Kroenke has steadily increased his stake in Arsenal since first buying shares in 2007. "KSE is a committed, long-term owner of the club".

It is not now mandatory for those shareholders to accept but if Kroenke purchases Usmanov's percentage, he can then push through a compulsory acquisition.

Labour leader and Arsenal fan Jeremy Corbyn has backed the club's Supporters Trust in their opposition to Stan Kroenke's full takeover of the Gunners.

"The AST is also extremely concerned to note that this purchase is being funded by a loan".

"The most awful part of this announcement is the news that 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 Arsenal Supporters' Trust said in a statement.

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