- US billionaire Stan Kroenke is poised to take Arsenal into private ownership
- Majority shareholder has made £550m offer to buy Alisher Usmanov’s stake
- Kroenke already owns 67 per cent through Kroenke Sports Enterprise group
- He has reached agreement with Usmanov to buy the Russian’s 30 per cent stake
- His son, Josh Kroenke is set to be more involved, possibly as chief executive
- But fans reacted with fury with Supporters’ Trust calling it a ‘dreadful day’
Stan Kroenke has made a cash offer to buy Arsenal in a deal that values the club at £1.8billion.
The American billionaire, who already owns 67 per cent of the Premier League club through Kroenke Sports Enterprise (KSE) UK, wants to buy the remainder of the shares after securing the backing of minority owner Alisher Usmanov.
Kroenke said in a statement to the London stock exchange that he believed the club would benefit from being taken private, with his son Josh set to take on a more hands-on role.
Kroenke Jr could even emerge as a candidate to replace chief executive Ivan Gazidis if he decides to take up an offer from AC Milan.
Usmanov, who has tried to buy out Kroenke’s majority stake in the past, will receive £550million for his 30 per cent stake based on the share price of £29,419.64.
In a statement, Red and White Securities confirmed their acceptance of the deal on offer from KSE.
It read: ‘Red and White Holdings Limited (“Red and White”) today confirms that Mr Alisher Usmanov has given an irrevocable undertaking to KSE, UK, Inc. 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 £550 million.’
The Kroenke statement said: ‘We at KSE are moving forward with this offer leading to 100% ownership of the club. We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the Club represents.
‘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.’
The statement adds that Deutsche Bank has agreed to provide Kroenke with a bridging loan of £557m to complete the buy-out.
UK MAIL
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