American Businessman and Entrepreneur Stan Kroenke who is a majority shareholder in Arsenal football Club has reportedly reached and agreement to buy the share of second highest shareholder of the club Alisher Usmanov.
The American Businessman has made a £600m offer to buy the whole of the club in a deal that would value the Gunners at £1.8bn.
The American billionaire owns 67% of Arsenal through his company KSE, which says Alisher Usmanov has agreed to sell his 30% stake in the club.
A statement from Stan Kroenke says taking the club private will help to further Arsenal’s “strategy, ambitions ans boost their hope for success”.
But the Arsenal Supporters’ Trust have slammed Stan Kroenke’s takeover move as a ‘dreadful day for Arsenal Football Club’ and have tagged the move a legalized theft.
A statement from the Arsenal Supporters Trust reads, “This news marks a dreadful day for Arsenal Football Club.
“Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values.
“By taking the club private, Stan Kroenke will be able to implement the following detrimental actions:
*Pay management fees and dividends without any check or balance
*No Annual General Meeting to hold the Board to account
*Remove the Independent Directors
*Place debt onto Arsenal to support his other business interests.
*Neutralize the voice and involvement of Arsenal Fans.