Finally, Alisher Usmanov has broken the ice. The Russian business mogul has confirmed that he has decided to sell his shares in Arsenal to majority shareholder Stan Kroenke.
Usmanov’s decision to sell his stake in the Gunners comes after previously failing to buy out Kroenke’s shares. With Usmanov set to leave north London, rumours of the 64-year-old investing in Everton have been doing the rounds once again.
In a statement from Red and White Holdings Limited, the businessmen confirmed his decision to sell his stake and took a sly dig by claiming that Arsenal “could be the best football club in the world”.
The statement read: “Red and White Holdings Limited (“Red and White”0 today confirms that Mr Alisher Usmanov has given an irrevocable undertaking to KSE, UK, Inc. to accept the Offer in respect of Red and White Securities’ entire holding of 18,659 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 £550 million.”
Usmanov said: “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.”
Stan Kroenke, the US sports mogul who owns a controlling stake in Arsenal, has struck a deal to buy Russian metals magnate Alisher Usmanov’s 30 per cent stake in the London-based football club for £550m in cash, giving him sole ownership and bringing an end to a battle between the two high-profile billionaires. The English Premier League club’s two largest shareholders had tussled for control of Arsenal and its direction for years, with both seeking to buy out the other. Last month, the Financial Times reported that Mr Usmanov had in effect conceded defeat after recognising Mr Kroenke would never sell control to him.
The sale, which values the shares in the club at £1.8bn, marks only a small step-up in value from the offer rejected by Mr Usmanov in October. Then, when offered £525m for his shareholding, Mr Usmanov said: “I have always been and will continue to be an ardent supporter of Arsenal and I see my 30 per cent stake as an important aspect in protecting the best interests of the fans in the club.” Last year, Mr Usmanov offered $1.3bn to acquire the 67 per cent of shares held by Mr Kroenke, but the offer was rejected.
Frustrated with the club’s poor performance last season, when it finished sixth in the Premier League, and its perceived lack of spending on players, Arsenal fans became increasingly hostile to Mr Kroenke, booing him and calling on him to sell his stake. Despite his 30 per cent holding, Mr Usmanov has never had a board seat or any say in the way Arsenal is run, complicating a sale of his holding to any interested party other than Mr Kroenke.