Stan Kroenke, a majority shareholder at Arsenal has made a £600m offer to buy the whole of the club in a deal that would value the Gunners at £1.8bn.
The buy-out announcement was made to the London Stock exchange on Tuesday.
Kroenke currently owns 67% of Arsenal through his company KSE, which says Alisher Usmanov has agreed to sell his 30% stake in the club. Check the quotes for this game on bettingsites.ng
In the statement to the stock exchange, Kroenke said KSE were “moving forward with this offer, leading to 100% ownership of the club” and they “appreciate Mr Usmanov’s dedication” to Arsenal.
A KSE statement says 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,” The statement published on the BBC revealed.
“It’s stewardship since 2011 the club has invested in major transfers, player contracts, analytics, senior non-playing football management employees” and it “expects the club to build on those investments”.
Kroenke will be raising the capital to take control of the club with £45m of his own money and borrowing £557m, which he says will not be against the club.
“The offer is not being funded by way of any debt finance (bank loans, payment in kind loans or other debt or quasi debt interest bearing obligations) for which the payment of interest on, repayment of, or security for any liability (contingent or otherwise) will depend on the business of Arsenal,” said the statement.
Despite 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.