Arsenal Majority Shareholder Kroenke Offers to Buy Out Usmanov to Increase Stake to 97%
Arsenal's majority shareholder Stan Kroenke has reportedly offered to buy out Alisher Usmanov's share - for a fee believed to be around £525m.
The power struggle at Arsenal has been hanging over the head of the club for the last decade, with Kroenke owning 67.5%, and Usmanov in control of 30%.
As a result, dealings within Arsenal have become a struggle for all parties - with Usmanov constantly being rejected a seat on the board.
But now, according to the Guardian, Kroenke has offered to buy Usmanov's stake in Arsenal at £28,000 per share - a move where, if accepted, the American would become 97% shareholder- thus effectively being able to push out the remaining 3%, whose stakes have been kept within families for generations.
Fears are growing that the US businessman will make the club into a private organisation. If that were to happen, he would not need to publish his accounts, nor an AGM. Furthermore, the club could be registered in America, under his KSE umbrella in Delaware. Kroenke could then use the 130-year-old club as leverage in any future deals (similar to that which the Glazers did with Manchester United).
Kroenke turned down an initial bid from Usmanov for more control only a few months ago, and a spokesperson for the consortium in ownership of the remaining 3% has commented on the poor relationship between the Russian and the American:
"We are owned 97% by two very wealthy individuals but it is a disappointment that they have never managed to get together and see eye to eye to move the club forward. The benefit of their wealth and experience could have been felt in unison, but Arsenal has not been able to gain from it."
