Arsenal’s majority shareholder Stan Kroenke has acquired full ownership of the Premier League club after his £600m offer to buy the remainder of shares out of his control was accepted by the Russian billionaire Alisher Usmanov and his company Red and White Securities which owns 30% of the outstanding shares.
The American businessman previously owned 67% of the club’s total shares and this deal takes Arsenal’s value to £1.8bn, with Kroenke insisting his ambition is “to see it competing consistently to win the Premier League and the Champions League.”
Kroenke is acting through his own company, Kroenke Sports & Entertainment, which says it 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.
The Arsenal Supporters’ Trust has branded the sale a “dreadful day” for the club.
KSE also owns NFL’s LA Rams, the NBA side Denver Nuggets, Colorado Avalanche of the NHL and Colorado Rapids in the MLS.
“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,” a KSE statement read.
“KSE’s ambitions for the club are to see it competing consistently to win the Premier League and the Champions League, as well as the major trophies in the women’s senior game and at youth level.”