Arsenal valued at $3.1 billion as Kroenke moves to take complete control


It read: "Red and White Holdings Limited ("Red and White") today confirms that Mr Alisher Usmanov has given an irrevocable undertaking to KSE, UK, accept the offer in respect of Red and White Securities' entire holding of 18,695 Arsenal Shares (representing approximately 30.05 percent) for an agreed price of £29,419.64 per share in cash valuing Red and White Securities' stake at just over £550 million".

Kroenke has used his stock ownership of Kroenke Sports & Entertainment, his holding company through which he owns his Arsenal shares and a selection of other assets, such as the Denver Nuggets, Colorado Rapids, sporting stadiums, property and other business interests.

Usmanov, despite being the second-largest shareholder, has not been given a seat on the club's board.

He was officially revealed to own the largest stake in the club in February 2008 with 24 percent, but at the time insisted he had no plans to increase his holdings and by 2011 Kroenke owned nearly two thirds of the Gunners.

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It would mean Kroenke has the automatic right to take total control over the London club by buying the remaining independent shares.

In a statement, AST said: "Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values".

KSE will take a £557m loan from Deutsche Bank to help finance the purchase. "We appreciate Mr. Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents".

Stan Kroenke's takeover of Arsenal could put his personal fortune at risk if he fails to keep up repayments.

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After news broke of the bid the Arsenal Supporters' Trust (AST) called it a "dreadful day" for the football club. "Kroenke's actions will neuter their voice and involvement", the Trust said in a statement.

Kroenke, a majority shareholder with 67 per cent, submitted an offer to acquire Alisher Usmanov's 30 per cent with a view to a full takeover of the club.

There will be big dividends getting paid out from the football club as a profit maximising entity, but for Arsenal that's not really any different to what they have had for the past 10 or 15 years with Usmanov and back when Farhad Moshiri (former shareholder and Everton co-owner) was involved.

Arsenal's majority shareholder Stan Kroenke, center, hopes to take full ownership of the club. "The AST is wholly against this takeover which marks a very sad day for Arsenal football club".

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Arsenal get their Premier League campaign underway against Manchester City on Sunday, in Unai Emery's first competitive fixture at the club.