Alisher Usmanov confirms sale of shares to Stan Kroenke

Mr. Kroenke, who owns the Los Angeles Rams American Football team and Denver Nuggets basketball team, has offered to buy out rival billionaire Alisher Usmanov's 30% stake to take full control in a deal valuing the club at £1.8bn.

Mr Kroenke, who owns 67.09% of Arsenal through KSE UK, has received "an irrevocable undertaking" from Russian billionaire Alisher Usmanov to sell his 30% stake in the club.

Usmanov has also released a statement and said: "I have made a decision to sell my shares in Arsenal Football Club which could be the best football club in the world".

"We at KSE are moving forward with this offer leading to 100 percent ownership of the club", Kroenke said in the LSE statement.

'I have chose to sell my shares in Arsenal Football Club which could be the best football club in the world, ' a statement from Usmanov's company Red and White Holdings reads.

Speculation also emerged in 2017 that Usmanov was looking to buy Kroenke's shares with the minority shareholder reportedly offering £22,000 per share.

The Arsenal Supporters' Trust, a fan group, said the news of Kroenke's offer "marks a terrible day" for the club.

"Kroenke plans to forcibly purchase the shares held by Arsenal fans". Many of these fans are AST members and hold their shares not for value but as custodians who care for the future of the club, " the trust said in a statement.

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AST added that by becoming the 100% owner, Kroenke would be able to take "detrimental actions" such as paying "management fees and dividends without any check or balance".

Arsenal last year parted ways with Arsene Wenger, who had managed the club for over 20 years after they finished the season 6th in the Permier League, their worst position since 1992.

Coming at a crucial time for Arsenal as they start life without manager Arsene Wenger for the first time in 22 years, the deal cements the position of the US sports boss among an elite band of super-rich soccer club owners in England. Arsenal remains too important to be owned by any one person'.

While Kroenke has promised a "new chapter" in the history of Arsenal, the news of the takeover offer has not gone down well with the club's supporters.

Initially viewed with suspicion by the Arsenal board, the 71-year-old started building his stake in 2007 as he slowly bought out the families who had run the club for generations.

Not particularly, Kroenke is a far from popular figure at Arsenal.

"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. Unai Emery, the former manager of Paris Saint-Germain, was appointed in his place.

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