Alisher Usmanov agrees to sell shares to Korenke
ARSENAL American billionaire highest shareholder, Stan Kroenke is set to take full control of the North London club, after minority shareholder Alisher Usmanov accepted a buyout offer of his 30 percent stake.
The deal, which values the club at £1.8 billion, would end a decade-long battle between the two billionaires for control of Arsenal as unrest about ownership of the club continued Alisher Usmanov verbally agree to sell outhis shares.
A statement from Kroenke Sports & Entertainment said it has “received an irrevocable undertaking from (Usmanov’s) Red and White Securities to accept the offer.”
Usmanov released a statement confirming the news.
“I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world,” he said. “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.”
In a statement released to ESPN FC, Red and White Securities confirmed their acceptance of the deal on offer from KSE.
Kroenke currently 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.
“We at KSE are moving forward with this offer leading to 100 percent ownership of the club,” Kroenke said in the statement. “We appreciate Mr. Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”