Usmanov confirms sale of Arsenal shares to Kroenke

Stan Kroenke

"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.

Stargazing conditions prime for meteor shower
Those with amateur telescopes may be able to see some ice caps on the planet and definitely some colouration, according to Kelly. The moon light won't fade them out either, because there will only be a sliver left in as it approaches the new moon stage.

Michy Batshuayi to leave Chelsea and join Valencia on loan
But Maurizio Sarri has made a decision to back Álvaro Morata to bounce back into form aftera disappointing first season. The Belgian was expected to get another shot at the redemption in London, after his time at Dortmund.

Judge halts deportation of mother and daughter, threatens Jeff Sessions with contempt
Asylum seekers previously had to show that the government in their native country was "unable or unwilling" to protect them. That number is more than triple what it was when Barack Obama became president in 2009.

"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.

Related:

Comments

Latest news

YouTube Signature Devices are handsets with the best YouTube watching experience
The list lacks the iPhone 8 or even the iPhone X , the latter of which features one of the best performing smartphone displays . HDR: With support for High Dynamic Range (HDR), you'll see videos that are richer in detail, with true-to-life colors.

José Mourinho does not expect any Manchester United deadline-day signings
Aaron Ramsey is fit to play in Sunday's game after recovering from a calf problem sustained in a pre-season friendly against Chelsea .

Texas woman getting makeup tutorial requests following mugshot for marijuana arrest
Marshala Perkins, 19, of Dallas , was arrested for marijuana possession on February 6, the Star-Telegram reported Wednesday. Perkins, who is based in Dallas , was on her way to a party when she was arrested, according to the Star-Telegram.

Former Head of Telsa Model 3 Production Doug Field Returns to Apple
An Apple statement to Tech Crunch confirmed that Field is back with the company, but did not explain his role. At the time, Tesla said Field was "just taking some time off to recharge and spend time with his family".

Former Nike executives sue over discrimination, sexual harassment
This article has been updated to include a statement from Nike . The lawsuit also claimed Nike has a sexual harassment problem.

Lunar Exploration Tech Tops NASA’s "Tipping Point" Funding List
Paragon Space Development Corporation gets US$1.6 million for its CELSIUS system. This will increase the efficiency and flexibility of future deep space missions.

Weekend Forecast Looks Great To View Peak Of Perseid Meteor Shower
One paper from 1956 found that numerous meteors were brighter than a magnitude of 5, and many brighter than a magnitude of 3. The Perseids will peak this weekend between the 12th and 13th, when moonless nights will make for an especially dark sky.

Henrik Zetterberg’s health ‘a bit of an unknown — Red Wings GM
And for a number of reasons, it's an interesting contract for Larkin and the Red Wings because it isn't cookie cutter. His salary falls to $3.5 million in 2018-19 and to $1 million each of the two seasons after that.

NYPD wants to question 'Blade Runner' actress about robbery
She infamously ambushed Tim Burton in the '90s, hoping to be cast as Catwoman (the role went to Michelle Pfeiffer). TMZ alleges Young has a connection to the shop, having previously worked there before being fired some months ago.

Bjorn wants to 'see something' from Garcia before Ryder Cup
But for a major champion who has played eight Ryder Cups, the key now is to show a degree of form rather than qualify outright. The top four in the USA standings ( Dustin Johnson , Brooks Koepka , Justin Thomas and Patrick Reed ) have clinched spots.

Chris Pine and Chris Hemsworth Exit 'Star Trek 4' Over Contract Talks
Whatever happens, though, sources say Star Trek 4 is still a priority for the studio and will not be put on hold due to this. According to The Hollywood Reporter , Paramounts talks with both Pine and Hemsworth have fallen through over salary issues.

National Football League investigating deflated ball in Steelers game
In case you needed another reason not to pay attention to National Football League preseason, we now have Deflategate 2.0. The ball was found during the third quarter when Steelers third-round rookie quarterback Mason Rudolph at the helm.

Samsung to launch Galaxy Home smart speaker in challenge to Apple's HomePod
Would the Note 9 be a good match for your business? Let us know down below! Both cameras have 12MP sensors and have OIS. Now, if you're wondering what's inside the Galaxy Note 9's retail package, we've got just the post for you.

Poppy Seed Drug Test: Woman in Labor Gets a False Positive
Therefore, it's possible for people to have a false positive test for the drug after consuming poppy seed-covered pasteries. Department of Agriculture says . "And I ate a poppy seed bagel this morning for breakfast, '" Eden told WBAL.

Gerrard hits out at Darren Moore following Tavernier interest
I thought we looked like a proper team in the second half. "We can't just think that it's a big game today, so we'll turn up". That's the reason I gave him the armband'. "They are best mates so they can take the blame together".

Other news