Russian billionaire 'to sell' shares in Arsenal to Kroenke

Russian billionaire 'to sell' shares in Arsenal to Kroenke

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.

KSE says it has received an "irrevocable undertaking" from Red and White Securities, Usmanov's company, to accept the offer as soon as possible and by 3pm on Tuesday at the latest. The American hasn't put a penny into Arsenal in the 11 years of being a shareholder, instead, choosing to run the club as a self-sustaining business.

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

Kroenke, who largely avoids the media spotlight, owns a string of US sports clubs including the US Denver Nuggets basketball team, the Los Angeles Rams American Football team and the Colorado Rapids of Major League Soccer. According to club chairman Sir Chips Keswick, KSE also have no intention of changing the makeup of the board of the directors, which includes Kroenke and his son Josh.

Kroenke, 71, has a fortune valued at $8.3 billion by Forbes, and has a portfolio of assets that includes National Football League franchise the Los Angeles Rams, NBA club the Denver Nuggets, NHL team Colorado Avalanche, and MLS club Colorado Rapids.

Stan Kroenke has launched a £1.8billion to take complete control at Arsenal.

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

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KSE, the corporation owned by Kroenke, now holds 41,743 shares in Arsenal equating to 67.09 per cent control.

The news that Stan Kroenke is to take full control of the club is very worrying for all Arsenal fans and the future of Arsenal Football Club.

Arsenal, who play City in their season opener on Sunday, are also adjusting to life after Arsene Wenger, who left the club in May after 22 years at the helm, replaced by former Paris Saint-Germain boss Emery.

"Kroenke's actions will neuter their voice and involvement".

KSE, meanwhile, said the benefits of single ownership include being "better able to move quickly in furtherance of the club's strategy and ambitions". It is in effect legalised theft to remove a brake on how Arsenal is managed'.

"This news marks a awful day for Arsenal Football Club", said the AST's official statement. Arsenal remains too important to be owned by any one person'.

In a sense, this is pragmatic of him and ensures that Arsenal won't suffer the same financial issues that other Premier League clubs have over the years.

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