Stan Kroenke makes £1.8bn bid to buy Arsenal

Stan Kroenke is seeking to take full control of Arsenal

Stan Kroenke is seeking to take full control of Arsenal

American businessman Kroenke now owns 67 per cent of the Gunners through his company Kroenke Sports and Entertainment and has offered to purchase the 30 percent held by Usmanov's Red and White Securities firm, valuing the Premier League club at £1.8billion.

The American billionaire, who already owns 67 per cent of the Premier League side through Kroenke Sports Enterprise (KSE) UK, wants to buy the remainder of the shares after securing the backing of minority owner Alisher Usmanov.

"This news marks a terrible day for Arsenal Football Club", the Trust said in a statement on its website.

Kroenke, who - like Usmanov - first started amassing shares in Arsenal in 2007, succeeded in gaining full control in 2011.

"KSE, a DE corporation wholly-owned by Mr E. Stanley Korenke, now holds 41,743 Arsenal Shares, representing approximately 67.09 per cent of the existing issued share capital of Arsenal".

It added that it was "in effect legalised theft to remove a brake on how Arsenal is managed".

The bid will be part funded by a 557 million pound loan from Deutsche Bank. Usmanov will receive £550m for selling his stake based on a share price of £29,419.64, having seen a £1bn takeover offer rejected by Kroenke in May a year ago.

Arsenal's second-biggest shareholder, Russian billionaire Alisher Usmanov, has reportedly agreed to the deal, meaning the takeover should go through easily.

Arsenal finished the 2017/18 season in sixth place behind the two Manchester clubs, fierce local rivals Tottenham Hostpur, Liverpool and Chelsea.

In May 2017, Kroenke rejected a £1bn takeover bid from Usmanov.

KSE not only have investment in Arsenal but it is also the holding company of plenty of sports franchises in America - Los Angeles Rams (NFL), Colorado Rapids (MLS), Denver Nuggets (NBA) and Colorado Avalanche (NHL) being the major names.

So, who is Kroenke and how long has he been involved with Arsenal?

With Arsene Wenger out as manager after 22 years in charge, new boss Unai Emery is at least sprucing things up on the pitch at the Emirates Stadium.

And in a statement released to ESPN FC, Red and White Securities confirmed their acceptance of the deal on offer from KSE.

Following the deal, Arsenal net worth reached 1.8 bln pounds (more than $2.3 bln).

Despite owning 30 percent of the club's shares, he has practically no say in the running of the club.

While some Arsenal fans will hope having one single owner will make key decisions easier, the majority will be concerned at the club effectively being run from the United States with less transparency.

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