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Stan Kroenke makes offer to buy Arsenal outright

10 August, 2018, 02:45 | Author: Tommie Newton
  • Stan Kroenke

Arsenal Holdings PLC's majority shareholder Stan Kroenke has offered £600mln to take full ownership of the football club, valuing it at £1.8bn.

The desire of African richest man Nigeria's Aliko Dangote to become part owner of English premier league side Arsenal may have finally hit the rocks after American billionaire Stan Kroenke declared a fresh desire to have complete control of the club.

The American's company, Kroenke Sports and Entertainment (KSE), now 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 for a fee in excess of £550million - an offer which Usmanov has agreed to.

In what seemed like a parting shot, Usmanov said: "I have made a decision to sell my shares in Arsenal Football Club which could be the best football club in the world".

He may have been given an indication that Usmanov, who himself was talking up a bid to take control of the club past year, was now ready to sell his own 30.04 per-cent stake.

Mr Kroenke, through his wholly-owned Kroenke Sports & Entertainment, now holds a 67% stake in the London club.

They have received offers before to buy their share during the various takeovers and received many big offers to sell since. The AST is wholly against this takeover.

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Arsenal finished sixth in the league and missed out on a place in the Champions League last season.

Usmanov made a £1 billion ($1.3 billion) bid to buy the American businessman's stake in the club in May 2017, an offer that was rejected.

KSE, which also owns National Basketball Association side Denver Nuggets, NFL's LA Rams, MLS' Colorado Rapids and NHL team Colorado Avalanche, will pay £29,419.64 in cash per Arsenal share for the club. "KSE is a committed, long-term owner of the club", the statement said.

Unai Emery, who engineered a revival of Sevilla before heading to Paris Saint-Germain, where he landed a double in his final season at the club.

AST added that by becoming the 100% owner, Kroenke would be able to take "detrimental actions" such as paying "management fees and dividends without any check or balance".

The deal between Kroenke and Deutsche Bank is an unusual one because KSE is not listed on any stock market, meaning the two groups must have come to a rough understanding about how much the company is worth. This is bad news for Arsenal.

He was critical of Kroenke's passive ownership style, a sentiment increasingly echoed by Arsenal fans, unhappy with what they see as the board's willingness to settle for on-field mediocrity so long as commercial stability was maintained.

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