Arsenal’s Kroenke Offers To Take Full Ownership Of Club

Adjust Comment Print

In a statement published on the London Stock Exchange yesterday morning, Kroenke said: 'We at KSE are moving forward with this offer leading to 100 per cent ownership of the club.

Arsenal finished in sixth-place last season and long-standing manager Arsene Wenger left the club, replaced by Unai Emery, former coach of Paris Saint-Germain.

"I'm disappointed it's come to this, it was a strong way to connect to the club when you owned a piece of it", he said.

The Arsenal Supporters Trust (AST) issued a strongly-worded statement claiming the news "marks a terrible day" for the club and #KroenkeOut was trending on Twitter in the United Kingdom by the middle of the morning.

Despite his shareholding, Usmanov is not part of the board or the decision-making at Arsenal.

"Kroenke plans to forcibly purchase the shares held by Arsenal fans".

"The offer is not being funded by way of any debt finance (bank loans, payment in kind loans or other debt or quasi-debt interest bearing obligations) for which the payment of interest on, repayment of, or security for any liability (contingent or otherwise) will depend on the business of Arsenal", said KSE's statement.

Stan Kroenke makes share bid for full control of Arsenal
Arsenal: Shareholder Alisher Usmanov says he accepts rival Stan Kroenke's bid for club

In October a year ago, KSE offered around £525mn (B22.580bn) to buy the 18,695 shares held by Usmanov, the Russian businessman who himself attempted to buy out Kroenke in May 2017.

"Many of these fans are AST members and hold their share not for value but as custodians who care about the future of the club. The AST is wholly against this takeover which marks a very sad day for Arsenal football club". Kroenke's actions will neuter their voice and involvement.

"We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the Club represents".

The statement said that he also intends to exercise the legal right, which comes with 90 per cent ownership of a company, and force all remaining small shareholders - a lot of them Arsenal supporters - to sell their shares to him. "Arsenal remains too important to be owned by any one person".

The Emirates Stadium falls under Corbyn's Islington North constituency, and during his time in parliament he also signed a motion to acknowledge Arsenal as the "best club football team in the world at the moment" after their "Invincibles" season in 2003-04.

Within hours of the announcement the phrase '#KroenkeOut' was trending on Twitter in the UK.

It's fair to say, Arsenal Fan TV isn't everyone's cup of tea but judging by the millions of views it receives across social media, the channel is compulsive viewing for many.

Economic turmoil hits Turkey, US bank stocks react
The United States is the biggest destination for Turkish steel exports with 11% of the Turkish export volume. Erdogan appealed to Turks to exchange dollars and gold for Turkish lira to support the plunging currency.