Kroenke makes offer for full ownership of Arsenal
PUBLISHED: 08:43 07 August 2018 | UPDATED: 08:43 07 August 2018
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Arsenal's majority shareholder Stan Kroenke has made an offer to take full ownership of the club in a deal worth £1.8billion.
The American’s company, Kroenke Sports and Entertainment, currently owns 67 per cent of the Gunners and has offered to purchase the 30 per cent held by Alisher Usmanov’s Red and White Securities firm.
KSE says it has received an “irrevocable undertaking” from Red and White Securities to accept the offer as soon as possible, and in any event by 3pm on Tuesday.
In a statement published on the London Stock Exchange, Kroenke said: “We at KSE are moving forward with this offer leading to 100 per cent ownership of the club.
“We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”
In October last year KSE offered around £525million to buy the 18,695 shares held by Usmanov.
Kroenke believes taking the north London club into private ownership will increase their chances of success in the future.
The Gunners last won the Premier League title in 2004 and last season finished sixth, 37 points behind champions Manchester City.
Unai Emery was appointed manager in May after the club said farewell to Arsene Wenger after 22 years in charge.
The statement continued: “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.
“KSE believes moving to private ownership will bring the benefits of a single owner better able to move quickly in furtherance of the club’s strategy and ambitions. KSE is a committed, long-term owner of the club.”