Usmanov confirms sale of Arsenal shares to Kroenke

Stan Kroenke makes share bid for full control of Arsenal

"We at KSE are moving forward with this offer leading to 100% ownership of the club", Kroenke said in a statement published on the London Stock Exchange.

Usmanov has confirmed he has agreed to part with his 30% stake in the club.

Africa's richest man, Aliko Dangote, has failed in his bid to purchase English Premier League football club, Arsenal. Usmanov publicly questioned the lack of investment in the squad as he was shut out of any decision-making by Kroenke, who also owns Major League Soccer's Colorado Rapids.

The metal magnate made a £1bn bid to buy the Emirates outfit in May 2017 but this was rejected by Kroenke.

In other words, Arsenal is now Kroenke's whether the club's remaining shareholders like it or not. Acquiring Usmanov's shares for £550m means remaining shareholders would be legally obliged to sell theirs to Kroenke.

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.

New manager Unai Emery, who joined from Paris St Germain, will be given a baptism of fire this weekend when Arsenal kick off their new season against Manchester City.

The Arsenal Supporters" Trust (AST) has already heavily criticised the deal saying it as "a terrible 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", it said in a statement. Kroenke's actions will neuter their voice and involvement.

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

"The financial viability of the deal must also be carefully examined, especially if the club will be purchased via a loan".

"The AST is wholly against this takeover which marks a very sad day for Arsenal football club".

Kroenke made his millions in real estate and still owns plenty of ranches in the United States.

Those partially public forums are now likely to end as Arsenal prepares to become entirely privately owned like most of the rest of its EPL club rivals. Depending on which side of the fence you're on will determine whether you see that as a positive or a negative thing. It should - in theory - prove a sound business model.

Rob Wilson, football finance expert at Sheffield Hallam University, wrote for BBC Sport that the deal is similar to taking a mortgage - take a big sum and as long as the payments can be met then it shouldn't have any negative effects.

What are the details of the offer?

Coming at a crucial time for Arsenal as they start life without manager Arsene Wenger for the first time in 22 years, the deal cements the position of the USA sports boss among an elite band of super-rich soccer club owners in England.

His comments were echoed by Patrick Barnes, a shareholder who has been going to Arsenal since the 1970s to watch the likes of Liam Brady, Tony Adams, Dennis Bergkamp and Thierry Henry.

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