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giftedviz.com May 23, 2018


Usmanov bid to buy Arsenal rejected by Kroenke

19 May 2017, 11:56 | Pamela Mathis

Usmanov bid to buy Arsenal rejected by Kroenke

Usmanov bid to buy Arsenal rejected by Kroenke

Usmanov already owns a 30% stake in the club, but has written to majority shareholder Kroenke to express his interest in taking over.

The takeover bid adds to the sense of uncertainty surrounding the club, with Arsene Wenger's future beyond this season still up in the air.

Unlike rivals like Chelsea and Manchester City, Arsenal have insisted on running a self-sustaining financial model where they don't spend more money than the club makes.

Usmanov now owns a 30 per cent stake in the club and has a personal fortune of around £11.2bn.

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FILE - In this Thursday, Sept. 12, 2013 file photo, Uzbek-born Russian businessman Alisher Usmanov attends a meeting of Russian President Vladimir Putin and Crown Prince Sheik Mohammed bin Zayed Al Nahyan of the United Arab Emirates at the Novo-Ogaryovo state residence outside Moscow.

Usmanov's approach, which he made last month, valued the club at $2 bln, the FT said. The person spoke on condition of anonymity to discuss the club's financial matters. With one more round of matches to be played this weekend, Arsenal is poised to finish outside the top four sides for the first time in more than 20 years, denying them a place in Europe's elite Champions League next season.

Red and White Holdings, Usmanov's investment vehicle, declined to comment, while Arsenal FC was not immediately available to comment and Kroenke could not be reached. Kroenke, who - like Usmanov - first started amassing shares in Arsenal in 2007, succeeded in gaining full control in 2011.

However, media sources are reporting that the Kroenke family wants to maintain control of the club despite having several other franchises to their name, including the Los Angeles Rams (NFL), Denver Nuggets (NBA), Colorado Avalanche (NHL), Colorado Rapids of Major League Soccer, and the Colorado Mammoth of the National Lacrosse League. The last title came in 2004 and the only silverware since then has been FA Cup successes in 2014 and 2015.



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