ARSENAL shareholder Alisher Usmanov stated that he will takerival Stan Kroenke’s bid to purchase him out for £550m and obtain full control of the club.
American billionaire Kroenke possess 67% of Arsenal by his company KSE and proclaimed on Tuesday he processed a bid to buy up the rest of the shares.
Usmanov has admitted he has concurred to part with his 30% stake in the club.
“I have decided to sell my shares in Arsenal, which could be the best football club in the world,” he stated.
Regardless of his shareholding, Usmanov is not part of the board or the decision-making at Arsenal.
The metal magnate made a £1bn bid to buy the Emirates outfit in May 2017 but this was rejected by Kroenke.
Kroenke’s offer to shareholders values the Gunners at £1.8bn. Acquiring Usmanov’s shares for £550m means remaining shareholders would be legally obliged to sell theirs to Kroenke.
The KSE statement to the London Stock Exchange asserted taking the club private will help to further Arsenal’s “strategy and ambitions”.
“KSE’s ambitions for the club are to see it competing consistently to win the Premier League and the Champions League, as well as the major trophies in the women’s senior game and at youth level,” it added.
Arsenal have a new manager in charge this season after Unai Emery took over from Arsene Wenger, who had been Gunners boss for 22 years