August 8 – Arsenal’s second biggest shareholder Alisher Usmanov has confirmed that he is selling out to Stan Kroenke allowing the American mogul to take full control of the club.
Usmanov has accepted a bid to buy him out for £550 million (30% of the club’s shares) so that he can persue other opportunities after being unable to purchase Arsenal himself. Despite his shareholding, Usmanov is not part of the board or the decision-making at Arsenal.
In a statement, Usmanov said: “I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world. I wish all the best and great success to this wonderful football club and to all those whose lives and careers are entwined in it.”
Usmanov’s Red and White Securities firm added: “We confirm that Mr Alisher Usmanov has given an irrevocable undertaking to KSE to accept the offer in respect of Red and White Securities’ entire holding of 18,695 Arsenal shares (representing approximately 30.05 per cent) for an agreed price of £29,419.64 per share in cash valuing Red and White Securities’ stake at just over £550m.”
Acquiring Usmanov’s shares for £550 million means remaining shareholders would be obliged to sell to Kroenke whose company KSE said taking the club private will help to further Arsenal’s “strategy and ambitions”. The club’s official supporters club has expressed its grave concern about the move though if Arsenal are successful on the pitch under new manager Unai Emery, Kroenke’s takeover will have far less impact.
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