Arsenal fans will not be able to hold Stan Kroenke to account

U.S. billionaire Kroenke seeks to buy all of Arsenal for £1.8bn

U.S. billionaire Kroenke seeks to buy all of Arsenal for £1.8bn

It said Arsenal shareholders under the offer will be entitled to receive 29,419.64 pounds for each share.

The KSE, which also owns the NFL's Los Angeles Rams, said it has received an "irrevocable undertaking" from Red and White Securities to accept the offer for its 18,695 Arsenal shares as soon as possible.

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

"KSE is a committed, long-term owner of the Club".

Kroenke, owner of the Los Angeles Rams in the National Football League, has been a part-owner of Arsenal since 2007, gradually increasing his stake in the club.

Stan Kroenke has made a £550million offer to take complete control of Arsenal.

"This news marks a awful day for Arsenal Football Club", said the AST's official statement. Usmanov made a £1 billion ($1.3 billion) bid to buy the American businessman's stake in the club in May 2017, an offer that was rejected.

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Kroenke already owns 67.09% of Arsenal and has been a shareholder for more than a 10 years.

Kroenke dismissed concerns of fans who last saw the team win the Premier League in 2004 and finish sixth last season to miss out on the Champions League.

The deal comes at a crucial time for the North London club, which embarks on life without long-time manager Arsene Wenger, who stepped down in April after 22 years in charge. The AST a year ago urged Usmanov not to sell his shares, and pointed out that single ownership of the club means Arsenal would no longer need to hold an Annual General Meeting.

While many Americans run clubs, or franchises, like a business, the richer owners of Chelsea and Manchester City have thrown hundreds of millions of pounds at their clubs to buy the world's best players.

AST added that by becoming the 100% owner, Kroenke would be able to take "detrimental actions" such as paying "management fees and dividends without any check or balance".

Kroenke, 71, has a fortune valued at $8.3 billion by Forbes, and has a portfolio of assets that includes National Football League franchise the Los Angeles Rams, NBA club the Denver Nuggets, NHL team Colorado Avalanche, and MLS club Colorado Rapids. Unai Emery, the former manager of Paris Saint-Germain, was appointed in his place.

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