Usmanov confirms Arsenal share sale at £29k per share

Anti-semitism in Labour

Anti-semitism in Labour

"I have chose to sell my shares in Arsenal Football Club which could be the best football club in the world", said Usmanov.

Once the "formalities" of Kroenke's deal are finalized, per The Times, "Arsenal will adopt the private-ownership structure that is in place at most other Premier League teams".

American billionaire Stan Kroenke is set to take full control of Arsenal after minority shareholder Alisher Usmanov accepted a buyout offer of his 30 percent stake.

The American's company, Kroenke Sports and Entertainment (KSE), now owns 67 per cent of the Gunners and has offered to purchase the 30 per cent held by Alisher Usmanov's Red and White Securities firm for a fee in excess of £550million - an offer which Usmanov has agreed to.

The Russian made a bid to buy-out Kroenke previous year but it failed and, with his business partner Farhad Moshiri owning Everton, Usmanov could invest the money he is set to receive from KSE into the Toffees and be made to feel much more welcome.

So he dropped in for a chat with me on Team 33 to discuss how Arsenal Fan TV has grown since he created it in 2012, what the future holds for the channel and Arsenal FC, as well as the criticism they face including from the club's players like Hector Bellerin who famously had his say at Oxford Union last season.

Stan Kroenke's move to take complete control of Arsenal "marks a terrible day" for the Gunners, according to the Arsenal Supporters' Trust (AST).

"Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values", it said in a statement.

"The successful implementation of the offer will result in the opening of a new chapter in the history of the club in bringing 100 per cent private ownership by KSE".

Mr Usmanov has been critical of Mr Kroenke's running of the club on and off the field.

Usmanov's holding company USM is already a major sponsor of the Goodison Park club, which is owned by his former business partner Farhad Moshiri.

"We at KSE are moving forward with this offer leading to 100% ownership of the club", Kroenke said in a statement published on the London Stock Exchange.

'The financial viability of the deal must also be carefully examined, especially if the club will be purchased via a loan. Kroenke's actions will neuter their voice and involvement.

The key point there really is that the takeover would be funded by a loan - which is a dreaded four letter word for some of the world's biggest football clubs these days.

The Gunners get their Premier League campaign underway on Sunday as they host champions Manchester City at the Emirates Stadium.

The former Paris Saint-Germain manager replaced long-serving boss Arsene Wenger in May.

"The AST is wholly against this takeover".

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