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Kroenke strikes deal to buy Usmanov’s stake in Arsenal FC

August 07, 13:23 UTC+3 LONDON

Following the deal, Arsenal net worth reached more than $2.3 bln

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Stan Kroenke

Stan Kroenke

© AP Photo/David Zalubowski

LONDON, August 7. /TASS/. US sports mogul Stan Kroenke, who owns a controlling stake in the London-based Arsenal Football Club, has struck a deal to buy Russian metals magnate Alisher Usmanov’s 30% share, the Financial Times daily said.

The Independent wrote earlier that Kroenke, who purchased a 67% share in Arsenal in 2007, launched a "takeover bid to assume full control of Arsenal after securing the backing of minority shareholder Alisher Usmanov."

According to the Financial Times, the deal worth 550 mln pounds (over $711 mln) will give Kroenke "sole ownership" of the football club.

The Financial Times said in July that Usmanov was "actively exploring a sale of his stake in Arsenal, accepting that the London-based football club’s majority owner, the US sports mogul Stan Kroenke, will never sell control to him." The newspaper added that in October 2017, Usmanov had turned down a 525 mln pound ($679 mln) offer from Kroenke to acquire his shareholding.

Following the deal, Arsenal net worth reached 1.8 bln pounds (more than $2.3 bln).

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