Usmanov Makes $1.3 Billion Bid To Buy Arsenal

Usmanov Makes $1.3 Billion Bid To Buy Arsenal

Despite not having formally responded, Kroenke is understood to have not ruled any offer out completely, but more recently has informally suggested he is not interested in selling the North London club to Mr. Usmanov, or indeed any other interested parties.

Alisher Usmanov has made a £1 billion bid to purchase Stan Kroenke's majority share in Arsenal, according to reports.

Mr Usmanov, a metals magnate who owns 30 per cent of Arsenal, conveyed the offer in a letter to Stan Kroenke, the USA sports mogul, who controls a 67 per cent stake.

A source close to the parties told FT: "Two weeks ago, I thought something could realistically happen".

Last month, Usmanov said Kroenke is to blame for the club's recent troubles. "Now I am not so sure".

Kroenke, meanwhile, has a 67% stake in Arsenal and has been the club's majority shareholder since 2011.

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Arsenal's management structure may now be one falling into turmoil, with future of Arsene Wenger remaining uncertain and whether Ivan Gazidis is going to stick with the Gunners next season.

"This includes the need to prepare a successor for Wenger, but in a very respectful way".

Steel magnate Usmanov already had a previous bid for Arsenal rejected and has been critical of Kroenke's passive ownership style in the past.

Usmanov now has the maximum stake he can hold without making an official takeover, with 30% ownership in his hands.

Usmanov initially made his fortune through the production of plastic bags, a scarce commodity in the former Soviet Union. While Arsenal's full-year revenue of about 350 million pounds is the third-highest in the Premier League, it's about 30 percent less than rival Manchester United, which generates more commercial income from jersey-sponsorship rights and branding. Arsenal and Kroenke's American sports operation declined comment.

He now owns a whopping 30.04% after buying up the shares of Farhad Moshiri, now at Everton, to become the club's second largest stakeholder.

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