Stan Kroenke has made a bid for Alisher Usmanov’s 30% stake in Arsenal, according to reports.
The American could soon own 97% of the Arsenal.
According to Arseblog News, Kroenke has made a bid for Usmanov’s shares. The Uzbeki billionaire is said to be considering the offer.
Usmanov has been an Arsenal shareholder for many years but was never invited onto the Arsenal board despite offering to invest in the club.
The Financial Times reported back in May that Usmanov had made a bid for Kroenke’s stake in the club, but the American rejected the offer and released a rare, albeit brief, public statement reaffirming his commitment to Arsenal.
With little prospect of having a controlling stake at the club or having any say in the club’s decision making, Usmanov could be tempted to sell and move on.
Reacting to the news, the Arsenal’s Supporters Trust are concerned that Kroenke could make the club private.
“The real concern is that he would take the club private, in what’s called a squeeze out, by making a compulsory purchase of all shares,” a spokesman said.
“That would mean Arsenal would become a private company, with no AGM, no detailed accounts like we have now, all of which would reduce accountability.
“He would also have the option to register Arsenal in the United States, possibly Delaware where other KSE holdings are held.”
As a public entity, anyone can view Arsenal’s financial statements and assess their financial situation.
It also ensures there’s a channel communication between the club and the fans, even if it’s one limited to AGMs.
Kroenke’s move to buy Usmanov’s shares suggests he isn’t planning on relinquishing control of Arsenal any time soon.