Post by Football News on Sept 29, 2017 15:38:17 GMT
Stan Kroenke moves to purchase Alisher Usmanov’s shares
ARSENAL’s majority share holder Stan Kroenke has made a move to own 97 per cent of the club by tabling a bid to Alisher Usmanov.
Usmanov’s Red and White holdings currently owns just over 30 per cent of Arsenal.
The claims of Kroenke’s takeover have been made by respected Gunners blog ‘Arseblog’ today.
The amount of the American’s offer is currently unknown, but it represents a turning of the tables.
Earlier this year, the Financial Times reported that Usmanov had made a bid to purchase Kroenke’s shareholding in the club.
The Uzbeki billionaire tabled a £1billion offer for Kroenke's 67 per cent in the Gunners, which the American rejected.
Usmanov’s former partner in Red and White Holdings, Farhad Moshiri, purchased a 49.9 per cent stake in Everton in 2016.
Arsenal fans are not happy with Stan Kroenke after the majority shareholder turned down a £1bn bid to buy him out by Alisher Usmanov
And his USM Holdings company recently agreed a five year deal to sponsor the Toffees’ Finch Farm training ground.
As yet, Arseblog report that the 64-year-old oligarch has not accepted the bid, and is holding out for improved terms.
Asked to comment on the potential buyout, the Arsenal Supporter’s Trust said: “The real concern is that he would take the club private.
“In what’s called a squeeze out, by making a compulsory purchase of all shares.
“That would mean Arsenal would become a private company, with no AGM, no detailed accounts like we have now, all of which would reduce accountability.
“He would also have the option to register Arsenal in the United States, possibly Delaware where other KSE holdings are held.”
Kroenke Sports and Entertainment commented after Usmanov’s buyout attempt in May saying: “KSE UK, Inc notes the recent media speculation concerning its shareholding in Arsenal Holdings PLC and confirms its shares are not, and never have been, for sale.
“KSE is a committed, long term investor in Arsenal and will remain so.”
Kroenke’s holdings in Arsenal began with an initial 9.9 per cent which he bought from ITV plc in April 2007.
He has now invested circa £700m in the north London club and these claims made by Arseblog will be of major concern to Arsenal supporters already displeased with the way Kroenke is running the club.