Alisher Usmanov shareholder in the English Premier League club Arsenal says he will be accepting rival Stan Kroenke’s offer to buy him out for £550 million. This will make Alisher Usmanov to have full control of Arsenal.
Stan Kroenke, an American billionaire owns 67% of the London-based club Arsenal through his organization KSE and reported on Tuesday he had made an offer to purchase up the remaining shares of the club.
Alisher Usmanov has affirmed he has consented to part with his 30% shares in Arsenal.
Usmanov isn’t a part of the board or the basic leadership at Arsenal, despite his shareholding.
The metal head honcho made an offer to purchase the Emirates club for £1 billion in May 2017. The offer was however dismissed by Stan Kroenke.
Stan Kroenke’s offer to investors estimated the club is valued at £1.8 billion. Procuring the shares Usmanov’s for £550m implies that the remaining investors would be legitimately obliged to sell their shares to Kroenke.
The KSE articulation to the London Stock Exchange said taking the club private will promote Arsenal’s “strategy and ambitions”.
Arsene Wenger was replaced as the manager of Arsenal by Unai Emery. Wenger served as the manager of the London-based club for 22 years.
In Wenger’s last season, Arsenal finished 6th in the Premier League as they missed out on a spot to play in the Champions League but did have enough points to have a direct qualification for the group phases of the UEFA Europa League.
Arsenal begin their English Premier League crusade against the defending champions Manchester City on Sunday.
