Usmanov bid to buy Arsenal rejected by Kroenke

19 Mai, 2017, 23:57 | Author: Marie-Claire Cellier
  • Arsenal boss Arsene Wenger has yet to announce if he will carry on as manager

Alisher Usmanov has finally made a bold bid to buy out Arsenal's majority shareholder Stan Kroenke with an offer of $1.3billion (£1billion).

Usmanov already owns a 30% stake in the club, but has written to majority shareholder Kroenke to express his interest in taking over.

Usmanov, a Russian steel magnate, owns 30 percent of Arsenal and has often been critical of Kroenke, an American who also owns the Colorado Rapids of MLS as well as the NFL's Los Angeles Rams, NBA's Denver Nuggets and NHL's Colorado Avalanche. The takeover bid was mounted as another season at Arsenal draws to a conclusion amid uncertainty and strife on and off the pitch at the north London club.

Although there has been no formal response from Kroenke, as yet, the expectation from sources close to Usmanov, who has grown increasingly frustrated as he has been denied any say in the running of Arsenal, is that the bid will fail. The person told The Associated Press that Usmanov's offer valued the Premier League club at $2 billion.

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Arsenal fans have been disappointed by the club's performance this season and manager Arsene Wenger said on Friday a decision on his future will be made at a board meeting following the FA Cup final clash against Chelsea this month.

Red and White Holdings, Usmanov's investment vehicle, declined to comment, while Arsenal FC was not immediately available to comment and Kroenke could not be reached.

They face Everton in the final round of Premier League matches on Sunday and need to win, with other results going their way, if they are to finish in the top four. They spoke on condition of anonymity to discuss the club's financial matters. Kroenke, who - like Usmanov - first started amassing shares in Arsenal in 2007, succeeded in gaining full control in 2011.

What with the distinct possibility of Arsenal missing out on £50million's worth of Champions League revenue next season, Usmanov was apparently hoping to strike while the iron was tepid.

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