Stan Kroenke offers to splash £1.8bn to buy Premier League giants Arsenal

Stan Kroenke offers to splash £1.8bn to buy Premier League giants Arsenal

- Gunners majority shareholder Stan Kroenke is set to buy the rest of the club's shares

- The American business man currently holds 67% of Arsenal's shares and he is set to spend close to £2bn to take full possession of the club

- It will be the first time Arsenal would be controlled by one man should the deal pull through in the nearest future

Arsenal major shareholder Stan Kroenke is set to full charge of the club after offering to takeover the 30 percent stake of Alisher Usmanov shares of the club.

The American billionaire will have to cough out £1.8 billion before gaining full ownership of the club to end the leadership feud between the billionaires.

According to ESPN, Kroenke Sports & Entertainment said it has "received an irrevocable undertaking from (Usmanov's) Red and White Securities to accept the offer."

Meanwhile, sources close to Usmanov also confirmed that the Russian has agreed to sell his stake.

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Currently, Kroenke owns 67 percent of the club's shares and buying the 30% from Usmanov - which means getting the remaining three 3% will be easy for the American businessman.

"We at KSE are moving forward with this offer leading to 100 percent ownership of the club," Kroenke said in the statement.

"We appreciate Mr. Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents."

Although, no one has an idea why Russia's Usmanov agreed to sell his shares, but reports claim he has grown exceedingly frustrated after being denied a set on the club board.

Despite owing 30 percent of the club's shares, he has practically no say in the running of the club.

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Should the deal pull through, Arsenal will be owned and controlled by one man for the first time in the history of the club.

Meanwhile, this has been a major concern for a fraction of the club's fanbase, including the influential Arsenal Supporters Trust (AST), which owns three Arsenal shares.

The AST last year urged Usmanov not to sell his shares, and pointed out that single ownership of the club means Arsenal would no longer need to hold an Annual General Meeting.

However, KSE said the buyout would allow Kroenke to act more decisively. "The successful implementation of the offer will result in the opening of a new chapter in the history of the club in bringing 100 percent private ownership by KSE.

"KSE believes moving to private ownership will bring the benefits of a single owner better able to move quickly in furtherance of the club's strategy and ambitions. KSE is a committed, long-term owner of the club."

Usmanov will be paid £29,419.64 per share, with KSE taking a £557m loan from Deutsche Bank to help finance the purchase. However, KSE stressed that the debt will not affect Arsenal.

NAIJ.com previously reported that Arsenal have completed the signing of Swiss professional footballer Stephan Lichtsteiner this summer.

The 34-year-old joined the London based club on a free transfer following the expiration of his contract with Juventus at the end of last season.

He spent seven seasons at the Italian League side and his experience is expected to provide back-up and competition to the promising Hector Bellerin next season at the Emirates Stadium.

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Source: Naija.ng

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