Kroenke makes £1.8bn offer to buy Arsenal

Kroenke makes £1.8bn offer to buy Arsenal”

Kroenke now holds just over 67 percent of shares, but buying up Usmanov's stake means he can force the remaining individual shareholders to sell their combined three-percent stake as well.

Kroenke bought his first stake in 2007, and became majority shareholder in 2011 when he increased his shareholding to 66.64% after buying out Lady Nina Bracewell-Smith and Danny Fiszman.

Kroenke's offer to shareholders values the Gunners at £1.8bn.

Arsene Wenger ended his 22 years as manager after a sixth-place finish last season and has been replaced by Unai Emery.

"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".

Although Kroenke says the deal will benefit the club, which has certainly made its intentions clear with a flurry of eye-catching transfers during the summer window, the official Arsenal Supporters' Trust (AST) made their feelings known by describing the news "a terrible day" for the Gunners.

Kroenke is also the owner of American football team the Los Angeles Rams, basketball team the Denver Nuggets, hockey team Colorado Avalanche and major league soccer outfit the Colorado Rapids. "Kroenke's actions will neuter their voice and involvement", the Trust said in a statement. "KSE is a committed, long-term owner of the club".

While Kroenke says taking sole ownership will benefit the club, the Arsenal Supporters' Trust (AST) called the news "a awful day" for the Gunners.

It added: "The AST is also extremely concerned to note that this purchase is being funded by a loan".

He tweeted: 'Incredibly sad day for so many of our fan shareholders that that no longer own a part of this club.

There will be big dividends getting paid out from the football club as a profit maximising entity, but for Arsenal that's not really any different to what they have had for the past 10 or 15 years with Usmanov and back when Farhad Moshiri (former shareholder and Everton co-owner) was involved. That's a scenario that has anxious parts of the fanbase, including the influential Arsenal Supporters Trust (AST), which owns three Arsenal shares.

Stanley Kroenke is an American entrepreneur and businessman who owns Kroenke Sports and Entertainment (KSE).

"Many of these fans are AST members and hold their share not for value but as custodians who care about the future of the club".

But the Arsenal Supporters' Trust (AST) said it was a "dreadful" day for the club, adding it was too important to be owned by one person. The AST is wholly against this takeover.

The club last won the Premier League in 2004.

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