Alisher Usmanov to make second Arsenal takeover bid after having £1bn offer rejected by Stan Kroenke
The American majority shareholder is unwilling to sell as it stands
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 had a £1billion bid for Stan Kroenke’s 67 per cent Arsenal stake rejected but still appears to harbour hopes of a takeover, with the club on the brink of failing to qualify for the Champions League this weekend.
Usmanov would have known when making his $1.3bn offer– revealed by the Financial Times on Friday – that the US sports mogul Kroenke would be unwilling to sell. But the timing of the move and the leak is significant, ahead of what is set to be an weekend of soul-searching and protest among Arsenal fans if – as expected – the club’s 19 consecutive years of Champions League football comes to an end.
Demands that Wenger and his protector Kroenke leave the club will escalate if Manchester City and Liverpool secure the draw and win which they respectively need on Sunday to keep the North London club out of the top four. Usmanov - the Russian billionaire, who controls a 30 per cent stake - is striking at Kroenke at the point of greatest weakness. At the very least, the bid may put pressure on Kroenke - a remote figure rarely seen at the Emirates - to find a bold way of demonstrating to supporters that Arsenal’s decline can be turned around.
The Financial Times reported that Kroenke had not rejected out of hand the idea of selling his share to Usmanov or someone else, quoting a source who said: “Two weeks ago, I thought something could realistically happen. Now I am not so sure.”
The men have been at odds for a number of years over the direction of the club. Usmanov feels there has been a lack of investment by Kroenke and may be less wedded than him to the idea of continuing with Wenger, whose future will become clearer after this weekend’s closing fixtures of the Premier League season
Usmanov has become increasingly concerned about a lack of investment by Kroenke. In an interview with Bloomberg last month, Usmanov said the blame for the club’s performance should not rest solely with Wenger, but also with Kroenke and the board, from which Mr Usmanov is excluded.
Arsenal stands to lose out on about £50m in revenue if it misses out on the European tournament.
Other bidders are thought to be ready to make a move for Kroenke’s share in Arsenal and Usmanov could return with a more substantial bid. He has no plans to dispose of his stake. He first acquired shares in Arsenal in 2007, when he teamed up with Farhad Moshiri to purchase a 14.6 per cent stake for £75m.
Usmanov increased his stake to 30 per cent last year, buying out Moshiri, who went on to buy Everton. Kroenke also bought into Arsenal in 2007 and became majority shareholder four years later.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments