American billionaire Stan Kroenke is poised to take Arsenal into private ownership as he has made £550m offer to buy Alisher Usmanov’s stake.
Usmanov, who has tried to buy out Kroenke’s majority stake in the past, will receive £550million for his 30 per cent stake based on the share price of £29,419.64.
The Kroenke statement said: ‘We at KSE are moving forward with this Offer leading to 100% ownership of the Club. We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the Club represents.
‘The successful implementation of the offer will result in the opening of a new chapter in the history of the Club in bringing 100 per cent private ownership by KSE.
‘KSE believes moving to private ownership will bring the benefits of a single owner better able to move quickly in furtherance of the Club’s strategy and ambitions. KSE is a committed, long-term owner of the Club.’
His decision comes at a crucial time for the club as Arsene Wenger stepped down as manager after 22 years to be replaced by Unai Emery.