Football News

Stan Kroenke to buy-out Alisher Usmanov's Arsenal stake

Stan Kroenke to buy-out Alisher Usmanovs Arsenal stake

Kroenke bids to buy-out Usmanov's Arsenal stake

Arsenal majority shareholder Stan Kroenke has reportedly lodged an attempt to purchase Alisher Usmanov's stake with the north London giants.

According to The Guardian, the business magnate has offered a sum of around £525m to buy-out the Russian, and take his overall shareholding to more than 97 percent.

Usmanov, who holds a 30.4 percent stake in Arsenal, has tried to become the majority shareholder on a number of occasions including a bid in May which Kroenke rejected.

Kroenke has now made a counteroffer worth £28,000 per share to purchase Usmanov's stake, and the Russian is likely to mull over the approach as he looks to follow former Gunners shareholder Farhad Moshiri to Everton.

Should the deal go through, the FA Cup holders will no longer need to submit their accounts or hold an Annual General Meeting involving the board members.

Kroenke has received immense criticism for the limited transfer spending in recent seasons, but the American does not plan to sell the club anytime soon as he plots to takeover the full ownership.