Stan Kroenke is all set to acquire full ownership of Premier League club Arsenal in a $700 million deal with Russian Billionaire Alisher Usmanov.
Arsenal majority shareholder Kroenke’s offer to take full ownership of the Premier League giants has been accepted by the Usmanov.
The news follows report from last month that the Usmanov was looking forward to sell his 30.4% stakes after growing tired of ongoing efforts to broker a takeover deal with American businessman Kroenke who currently owns 67.05% stakes in the club.
According to the Telegraph, Usmanov will receive around $700 million for his Arsenal shares ending a takeover battle that has lasted more than a decade and deprived him of power, influence on the board or any involvement for his investment.
The deal, which reportedly values the English club at $2.3 billion, sees US-based Kroenke Sports and Entertainment (KSE) purchase the stake held by Usmanov’s Red and White Securities firm.
A statement from Kroenke said that KSE, a company wholly owned by the 71-year-old American, has received an irrevocable undertaking from Red and White Securities to accept the offer for his 18,685 shares.
The company, in a statement published via the London Stock Exchange, said the successful implementation of the offer would bring 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 added that under the offer, Arsenal shareholders will be entitled to receive British £29,419.64 for each share.
“We at KSE are moving forward with this offer leading to 100 per cent ownership of the club. We appreciate Mr Usmanov’s dedication to Arsenal Football Club and the storied ethos and history the club represents,” Kroenke was quoted as saying.
Kroenke also owns various sports teams in the USA, including the National Football League’s (NFL) Los Angeles Rams; the National Basketball Association’s (NBA) Denver Nuggets; Major League Soccer’s (MLS) Colorado Rapids and the National Hockey League’s (NHL) Colorado Avalanche.
Stan’s son, Josh Kroenke, has been taking an increasingly hands-on role at Arsenal in recent months and that is now expected to continue.