Arsenal owner Stan Kroenke makes £550MILLION offer to take complete control of the club

Stan Kroenke has made a cash offer to buy Arsenal in a deal that values the club at £1.8billion.

The American billionaire, who already owns 67 per cent of the Premier League club through Kroenke Sports Enterprise (KSE) UK, wants to buy the remainder of the shares after securing the backing of minority owner Alisher Usmanov.

Kroenke said in a statement to the London stock exchange that he believed the club would benefit from being taken private, with his son Josh set to take on a more hands-on role.

Kroenke Jr could even emerge as a candidate to replace chief executive Ivan Gazidis if he decides to take up an offer from AC Milan.

Usmanov, who has tried to buy out Kroenke’s majority stake in the past, will receive £550million for his 30 per cent stake based on the share price of £29,419.64.

The Kroenke statement said: ‘We at KSE are moving forward with this offer leading to 100% ownership of the club. We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the Club represents.

‘The successful implementation of the offer will result in the opening of a new chapter in the history of the club in bringing 100 per cent private ownership by KSE.

‘KSE believes moving to private ownership will bring the benefits of a single owner better able to move quickly in furtherance of the club’s strategy and ambitions. KSE is a committed, long-term owner of the club.’

The statement adds that Deutsche Bank has agreed to provide Kroenke with a bridging loan of £557m to complete the buy-out.

In order to secure the loan, Kroenke paid the bank a fee of £5.57m last week.

But they insist: ‘The offer is not being funded by way of any debt finance… for which the payment of interest on, repayment of, or security for any liability… will depend on the business of Arsenal.’

The move comes at a crucial time for the club after Arsene Wenger stepped down as manager after 22 years to be replaced by Unai Emery.

Arsenal begin their Premier League campaign against defending champions Manchester City at the Emirates Stadium this Sunday.

The Premier League transfer window closes on Thursday at 5pm and signings cannot be made after that point.

Usmanov, who doesn’t have a seat on the club’s board despite being the second biggest shareholder, made a £1bn offer to buy out Kroenke in May last year but was rejected.

‘KSE believes moving to private ownership will bring the benefits of a single owner better able to move quickly in furtherance of the club’s strategy and ambitions. KSE is a committed, long-term owner of the club.’

The statement adds that Deutsche Bank has agreed to provide Kroenke with a bridging loan of £557m to complete the buy-out.

In order to secure the loan, Kroenke paid the bank a fee of £5.57m last week.

But they insist: ‘The offer is not being funded by way of any debt finance… for which the payment of interest on, repayment of, or security for any liability… will depend on the business of Arsenal.’

The move comes at a crucial time for the club after Arsene Wenger stepped down as manager after 22 years to be replaced by Unai Emery.

Arsenal begin their Premier League campaign against defending champions Manchester City at the Emirates Stadium this Sunday.

The Premier League transfer window closes on Thursday at 5pm and signings cannot be made after that point.

 

Source: DailyMail