Alisher Usmanov makes £1bn offer to buy Arsenal from owner Stan Kroenke
Usmanov, a Russian metals magnate, owns 30 per cent of the club and has allegedly approached Stan Kroenke, the US sports mogul, to buy full control of Arsenal
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Russian billionaire Alisher Usmanov has reportedly made a £1bn bid to buy out rival shareholder Stan Kroenke at Arsenal.
Usmanov, a Russian metals magnate, holds a 30 per cent stake at the Emirates and has approached Kroenke, who owns 67 per cent, to buy full control of the club.
According to the Financial Times, Kroenke has yet to formally respond to the offer.
It's understood the American, a US sports mogul, did not initially dismiss the approach, which was made last month, but has since informally indicated he is not interested in selling his share.
The two businessmen have clashed in the past over the direction of the club, with the Russian concerned by Kroenke's lack of investment.
Speaking to Bloomberg last month, Usmanov argued Arsene Wenger was not entirely to blame for Arsenal's disappointing season but suggested Kroenke and the board were at fault.
"I do not think that the coach alone is to be blamed for what is happening," Usmanov said, before adding that the board – and main shareholder – "bear huge responsibility".
With Arsenal set to miss out on a top-four finish, and the reward of Champions League football that comes with it, the side stand to lose around £50m in revenue next season.
The FT reports that numerous other bidders are circling, though neither Kroenke or Ushamov are planning on disposing their stakes in the club.
Usmanov first acquired Arsenal shares in 2007, when, together with Farhad Moshiri, he bought a 14.6 per cent stake in the club for £75m.
The Russian then went on buy out Moshiri last year, increasing his share hold to 30 per cent.
Kroenke became majority shareholder at Arsenal in 2011 after first buying into the club in 2007. The American has been accused of being an absentee owner and has faced considerable backlash from Arsenal fans in recent years.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments