Usmanov confirms shares offer to Kroenke

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Arsenal shareholder Alisher Usmanov has made an offer to sell his stake in the Premier League club to Stan Kroenke for “just over £550 million”.

News that majority shareholder Kroenke had put in a bid for Usmanov’s 30% shares was announced in a statement to the London Stock Exchange on Tuesday.

The American tycoon, who owns a 67% stake in the Gunners, will take full ownership at the Emirates Stadium with his latest purchase.

Kroenke had previously resisted attempts by Usmanov to buy the north London giants outright, and the Russian mining magnate has now decided to pursue other ventures.

“I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world,” the 64-year-old said in a statement on Tuesday.

“I wish all the best and great success to this wonderful football club and to all those whose lives and careers are entwined in it.”

Red and White Securities, the investment firm owned by Usmanov, said: “We confirm that Mr Alisher Usmanov has given an irrevocable undertaking to KSE to accept the offer in respect of Red and White Securities’ entire holding of 18,695 Arsenal shares (representing approximately 30.05 per cent) for an agreed price of £29,419.64 per share in cash valuing Red and White Securities’ stake at just over £550m.”