Arsenal fans are on edge after the news that Stan Kroenke has made a £525 million to buy Alisher Usmanov’s shares in the club (via The Guardian).
You get the feeling that this is a truly important time in the history of Arsenal Football Club.
Perhaps more important than events on the pitch and the futures of key players and the manager is the news at board level.
Majority shareholder Stan Kroenke has made a £525 million bid to buyout Alisher Usmanov’s shares in the club, taking the American tycoon’s holding up to 97%.
If Kroenke’s bid were to be accepted then the American could turn Arsenal into a privately-owned business for the first time in the club’s 130-year history.
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Kroenke would not have to publish the club’s accounts and there would be no need for the AGM, the meeting between the board, management, and the fans held annually.
The Guardian reports that there is also a third party consortium made up of “longstanding Arsenal supporters who found heavyweight financial backing” but the group has been rejected by Kroenke three times in the last year.
Kroenke’s effective ownership would spell a disaster for Arsenal Football Club. After years of majority ownership, it’s clear that the American is not looking to seriously invest in the first-team and we can only expect that to get worse if this bid is accepted.