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Kroenke set to complete sensational £1.8 billion takeover of Arsenal

The US sports mogul has launched a bid to buy Alisher Usmanov’s stake in the club, thus giving him majority control.

Takeover: Stan Kroenke.
Takeover: Stan Kroenke.

STAN KROENKE HAS made an offer to buy Arsenal, in a deal that values the club at £1.8 billion (€2,015,523,000 / $2.3bn).

Kroenke is the majority shareholder at the Emirates Stadium but has now made an offer to buy Alisher Usmanov’s 30 per cent stake in the club, thus giving him full control.

Usmanov has made a number of attempts to buyout Kroenke’s share, but will now receive £550m ($712m) for his stake.

A statement from Kroenke read: “We at KSE are moving forward with this offer leading to 100 per cent ownership of the club.

“We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the Club represents.”

Kroenke’s company, KSE, added: “KSE UK is pleased to announce the terms of its all-cash offer to acquire the entire issued and to be issued ordinary share capital of Arsenal Holdings PLC other than the Arsenal Shares already held by KSE.

“KSE, a Delaware corporation wholly-owned by Mr E. Stanley Korenke, currently holds 41,743 Arsenal Shares, representing approximately 67.09 per cent of the existing issued share capital of Arsenal.”

Kroenke first took a share in Arsenal in 2007, and has gradually grown his share in the club, which currently stands at 67%.

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The sports mogul, who has a net worth of $8.1bn (£6.13bn), will pay £29,419.64 in cash for each share.

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