Not long ago, Alisher Usmanov confirmed the sale of the Arsenal shares owned by his company, Red and White Holdings Plc. and Stan Kroenke is adding nightmare fuel to this situation.
The Uzbeki was in control of around 30% of the club’s shares, but had recently agreed to sell them to majority owner Stan Kroenke after growing intolerant of the way things were being run, who will now have complete control of Arsenal Football Club.
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});
In a statement, Usmanov confirmed the end of his 11-year association with the Gunners [via the Telegraph]:
“I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world.
“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.”
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});
Kroenke’s purchase of the shares means Arsenal are valued at £1.8 billion. The American now has full control of the club. The American mogul had already owned 67.09% through holding company Kroenke Sports & Entertainment (KSE) and has now moved to buy the 30% stake in the club owned by Usmanov. Kroenke’s £550m reported offer for Usmanov’s shares see would see the London outfit valued close to £2 billion.
https://twitter.com/ltarsenal/status/1026774940597379072
An Uzbeki billionaire, Usmanov reportedly put his shares up for sale last month after years of being denied a place on the board.
Kroenke said [via Independant]:
“We at KSE are moving forward with this offer leading to 100% ownership of the Club.
“We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the Club represents.”
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});
But the Arsenal Supporters’ Trust (AST) are unconvinced and made it clear in their very blunt statement:
Law dictates that Kroenke will complete his takeover, so any move to reject his offer or mount a legal challenge will only be a symbolic gesture. However, the AST believe they could instigate a sufficient delay to put pressure on him to hold one final AGM.https://t.co/JNbA86HzRK
— Arsènic™ (@MrArsenicTM) August 14, 2018
“This news marks a dreadful day for Arsenal Football Club.
“Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values.
“By taking the club private, Stan Kroenke will be able to implement the following detrimental actions: pay management fees and dividends without any check or balance, no Annual General Meeting (AGM) to hold the board to account, remove the independent directors, place debt onto Arsenal to support his other business interests.
“The AST is also extremely concerned to note that this purchase is being funded by a loan.
“The most dreadful part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans.
“Many of these fans are AST members and hold their shares not for value but as custodians who care for the future of the club.
“The AST is wholly against this takeover. Arsenal remains too important to be owned by any one person.”
Arsenal legend Ian Wright has revealed his despair at Stan Kroenke’s plan to take full ownership of the club.
“Incredibly sad day for so many of our fan shareholders that no longer own a part of this club,” said Wright.
‘Imagine if this wasn’t only about money, but about the club, the community and the fans – all this new enthusiasm we are witnessing under Unai [Emery] wouldn’t feel like such a waste.”
Usmanov said he would be open to investing in Everton if there is a chance of “good potential returns”.
“We are friends with Farhad Moshiri,” he said.
“If he needs the support, I am happy to help.
“Should there be a proposal or a possibility to invest in them with good potential returns, I would consider the deal,” he added.
It appears that Arsenal's new owner Kroenke has just hamstrung their club with a £600M debt in a similar style takeover as Hicks & Gillet did with Liverpool.
From our fanbase to yours, good luck. You're going to need it. YNWA.#LFC #AFC #KroenkeOut
— LFC Fans Corner (@LFCFansCorner) August 7, 2018
//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js (adsbygoogle = window.adsbygoogle || []).push({});
The nightmares of every supporter is described in this simple and honest statement. Leaving the club in debt for a man who has done absolutely nothing but leech profit from has no positives. It’s as if the Londoners are taking steps backwards after taking a huge leap forward by employing the golden team of Raul Sanllehi, Huss Fahmy, Sven Mislintat and Ivan Gazidis.
