American billionaire Stan Kroenke has made attempts to take full control of Arsenal Football Club.
Kroenke, who is the majority shareholder of the club with 67%, made an offer of $777 million to formally take the remaining shares of the club. The deal will be done through Kroenke’s company KSE.
Russian billionaire Alisher Usmanov is the largest minority shareholder with 30% and is willing to give out his shares and the other shareholders. Kroenke in a statement stated that “We at KSE are moving forward with this offer leading to 100 percent 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 and Usmanov have been at odds at Arsenal. In 2017, Usmanov made two attempts to take control of the club which Kroenke refused with Usmanov having little say to matters in the club’s Board of Directors.
Kroenke has been Arsenal’s majority shareholder since 2008 and has been a controversial figure at the North London club with many criticizing him for not putting any of his money to fund the club and using the profits to fund his sports franchises in the United States which includes the Denver Nuggets, the Los Angeles Rams and Colorado Avalanche.