Stan Kroenke Q&A: What does the takeover mean for Arsenal?

Stan Kroenke Q&A: What does the takeover mean for Arsenal?

Stan Kroenke Q&A: What does the takeover mean for Arsenal?

Mr Kroenke, who owns the Los Angeles Rams American Football team and Denver Nuggets basketball teams, said: "We at KSE are moving forward with this offer leading to 100% ownership of the Club".

Under takeover rules, if Usmanov accepts the offer it would trigger the sale of the remaining minority shareholders' shares, many of whom have preserved a small holding for decades, and place the club under the private control of Kroenke.

The U.S. -based Kroenke Sports and Entertainment owns 67 percent of the club and has offered to purchase the 30 percent held by Alisher Usmanov's Red and White Securities firm.

Although a KSE statement explains that taking the club private will help to further Arsenal's "strategy and ambitions", news of the buyout has not been well received by Arsenal Supporters' Trust.

But the AST is unconvinced and said in a statement: "This news marks a awful day for Arsenal Football Club".

Usmanov also first became an Arsenal shareholder in 2007.

"This news marks a awful day for Arsenal Football Club", declared an AST statement. Since then, the number has increased to seven full or partial owners of top-flight clubs.

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Stan Kroenke's move to take complete control of Arsenal "marks a terrible day" for the Gunners, according to the Arsenal Supporters' Trust (AST).

Usmanov, who has made several attempts to buy out his rival in the past, will receive £550million for his stake in the club.

Although Kroenke says the deal will benefit the club, which has certainly made its intentions clear with a flurry of eye-catching transfers during the summer window, the official Arsenal Supporters' Trust (AST) made their feelings known by describing the news "a terrible day" for the Gunners.

Kroenke, who is worth an estimated $8.3 billion according to Forbes, made money in real estate before becoming a sports mogul in the US.

The deal will also force the sale of the remaining 3% of shares which are now held by smaller companies or individuals, many of whom are Arsenal supporters. "Kroenke's actions will neuter their voice and involvement", the Trust said in a statement. "It is in effect legalised theft to remove shareholder scrutiny on how Arsenal is managed".

Founded by a group of workers at the Royal Arsenal armaments factory in Woolwich, the Arsenal team were League champions on 13 occasions, including three under Wenger, and FA Cup winners a record 13 times. "Arsenal remains too important to be owned by any one person". "The AST is wholly against this takeover which marks a very sad day for Arsenal football club".

The bid will be part funded by a 557 million pound loan from Deutsche Bank.

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