American billionaire acquires £1.8b Arsenal as Usmanov sells stake

Anti-semitism in Labour

Anti-semitism in Labour

Stan Kroenke's move to take complete control of Arsenal "marks a awful day" for the Gunners, according to the Arsenal Supporters' Trust (AST). However, the move has not gone down well with Arsenal fans who believe that the American billionaire will not loosen the purse strings to allow Arsenal to match the spending power of the likes of Paris Saint-Germain, Manchester City and Real Madrid.

"The AST is wholly against this takeover".

Billionaire Stan Kroenke has officially taken over Arsenal Football Club as the sole owner and has added the London club to his collection that already included the Denver Nuggets, Colorado Rapids, Los Angeles Rams and Colorado Avalanche.

Usmanov did not explain why he has sold up, having mounted a full takeover bid himself past year that Kroenke rejected, but he did express frustration at the club's current plight.

Not only are they about to embark on a new Premier League season with a new manager for the first time in over two decades, but there could soon be a change in the club's ownership as well. He will now buy out the remaining independent shareholders at 29,000 pounds for each of its rarely traded shares - more than the average salary for a British worker.

"We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents". Stan now owns 97 percent of the shares after buying Russian tycoon Alisher Usmanov's stake.

Usmanov's company, Red and White Holdings, confirmed he had agreed to sell his 18,695 Arsenal shares for £29,419.64 each, and issued a statement from him saying: "I have made a decision to sell my shares in Arsenal".

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.

Arsenal's annual meeting was always a feisty affair.

Last week, Arsenal Fan TV founder and presenter Robbie Lyle was in Dublin for the club's pre-season game against Chelsea at Aviva Stadium.

"I think it's very sad that we're in danger of losing any transparency into how our club is run", he told Reuters.

What about Arsenal's other shareholders?

. There was no foreign ownership of an English club before that.

Arsenal fans have long complained that the club has not ploughed enough money into the team.

After 19 consecutive years of Champions League football, the Gunners finished outside the top four for the second year in a row last year, resulting in the departure of Arsene Wenger.

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