Arsenal Supporters’ Trust has hit out at Stan Kroenke’s bid to buy the club outright, saying it “marks a dreadful day” for the Gunners. Majority owner Kroenke, who owns 67 per cent, made a cash offer to take full ownership of the club, valuing Arsenal at around £1.8bn after securing the backing of minority owner Alisher Usmanov (30 per cent).
Later on Tuesday, Usmanov issued a statement, saying: “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.”
Kroenke made a cash bid worth more than £550m to buy Usmanov’s 30 per cent stake of the club to take full ownership, receiving an “irrevocable undertaking” from the Russian’s security firm to accept the offer as soon as possible, with a deadline of 3pm on Tuesday set.
It is understood Uzbekistan-born Usmanov’s decision to sell his stake in Arsenal is unrelated to current political tensions between the UK and Russia.
For any football fan this is the worst thing you can experience. Arsenal fans read this and RT for a bigger audience it’s such a bad day today ? pic.twitter.com/xnVaieIGNh
— ᴴᵉᶰᶜʰ¹⁴ #KroenkeOut (@MrThierryHenry) August 7, 2018
Sources close to Usmanov, who has previously tried to buy Arsenal from Kroenke, have told Sky Sports News that he has decided to pursue other opportunities because of the US mogul’s refusal to sell the club.
Usmanov’s Red and White Securities firm added: “We confirm that Mr Alisher Usmanov has given an irrevocable undertaking to KSE to accept the offer in respect of Red and White Securities’ entire holding of
18,695 Arsenal shares (representing approximately 30.05 per cent) for an agreed price of £29,419.64 per share in cash valuing Red and White Securities’ stake at just over £550m.”
The Financial Times reported in July that Usmanov was exploring the sale of his stake in Arsenal to Kroenke after failing in his attempts to take full ownership of the club.
Kroenke’s company said it had received an “irrevocable undertaking” from Usmanov’s firm to accept the offer. The purchase of Usmanov’s stake would give Kroenke 97 per cent ownership and would lead to the compulsory purchase of the remaining shares, some of which are owned by Arsenal fans.
The Supporters’ Trust statement read: “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.
“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.
“Kroenke’s actions will neuter their voice and involvement. It is in effect legalised theft to remove shareholder scrutiny on how Arsenal is managed.
“The AST is wholly against this takeover. Arsenal remains too important to be owned by any one person.”
Incredibly sad day for so many of our fan shareholders that that no longer own a part of this club ? Imagine if this wasn’t only about ? but about the club, the community & the fans – all this new enthusiasm we are witnessing with Unai wouldn’t feel like such a waste. #Arsenal
— Ian Wright (@IanWright0) August 7, 2018