Sunday 19 August 2018

Arsenal Supporters' Trust describes Stan Kroenke's £1.8bn bid to buy Arsenal as 'dreadful'

Arsenal majority shareholder Stan Kroenke. Photo: PA
Arsenal majority shareholder Stan Kroenke. Photo: PA
Independent.ie Newsdesk

Independent.ie Newsdesk

Arsenal's majority shareholder Stan Kroenke has made an offer to take full ownership of the club in a deal worth £1.8billion.

The American's company, Kroenke Sports and Entertainment, currently owns 67 per cent of the Gunners and has offered to purchase the 30 per cent held by Alisher Usmanov's Red and White Securities firm.

In a statement published on the London Stock Exchange, Kroenke said: "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 the Arsenal Football Club and the storied ethos and history the club represents."

KSE says it has received an "irrevocable undertaking" from Red and White Securities to accept the offer as soon as possible, and in any event by 3pm on Tuesday.

In October last year KSE offered around £525million to buy the 18,695 shares held by Usmanov.

Kroenke believes taking the north London club into private ownership will increase their chances of success in the future.

The statement continued: "The successful implementation of the offer will result in the opening of a new chapter in the history of the club in bringing 100 per cent private ownership by KSE.

"KSE believes moving to private ownership will bring the 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 Arsenal Supporters' Trust said the news marked "a dreadful day for Arsenal Football Club".

A statement read: "Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values.

"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. Kroenke's actions will neuter their voice and involvement.

"The AST is wholly against this takeover. Arsenal remains too important to be owned by any one person."

Online Editors

Sport Newsletter

The best sport action straight to your inbox every morning.

Editor's Choice

Also in Sport