Kroenke on brink of full Arsenal takeover

LONDON: Stan Kroenke moved to the brink of a full takeover of Arsenal on Tuesday after minority shareholder Alisher Usmanov accepted an offer worth £550 million ($712 million) for his stake.

American businessman Kroenke currently owns 67 per cent of the Gunners through his company Kroenke Sports and Entertainment and has offered to purchase the 30 percent held by Usmanov’s Red and White Securities firm, valuing the Premier League club at £1.8billion.

Usmanov confirmed in a statement released to Britain’s Press Association that he had accepted the offer but did not give a reason as to why he has now opted to cash in.

Kroenke, owner of the Los Angeles Rams in the NFL, said having a single owner would benefit the club but fans said it was a “dreadful” day.Despite cup successes in recent years, Arsenal have slipped behind their rivals in the Premier League and have consistently failed to reach the latter stages of the Champions League.

They have not won the title since 2004 and last season finished sixth, 37 points behind champions Manchester City.Arsenal, who play City in their season opener on Sunday, are also adjusting to life after Arsene Wenger, who left the club in May after 22 years at the helm, replaced by former Paris Saint-Germain boss Emery.

“We at KSE are moving forward with this offer leading to 100 percent ownership of the club,” Kroenke said in a statement published on the London Stock Exchange.“We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”