Kroenke makes cash offer to take control of Arsenal

US sports mogul Stan Kroenke has made a cash offer to buy Arsenal in a deal that values the English Premier League club at ?1.8bn.
Mr Kroenke, who owns 67.09% of Arsenal through KSE UK, has received "an irrevocable undertaking" from Russian billionaire Alisher Usmanov to sell his 30% stake in the club.
Mr Usmanov will receive €550m for his holding, based on the share price of €29,419.64.Despite being the club's second-largest individual shareholder, Mr Usmanov had been frustrated at not been given a seat on the board and has made several attempts at buying out Mr Kroenke's majority stake.In May last year, Mr Usmanov made a $1.3bn (€1bn) offer to buy out his rival shareholder but that was rejected.
In October, Kroenke Sports Enterprise UK (KSE) offered around €525m to buy the 18,695 shares held by Mr Usmanov's Red and White Securities Limited. That offer was rejected.
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Stan Kroenke, who owns the Los Angeles Rams American Football team and Denver Nuggets basketball teams, said: "We at KSE are moving forward with this Offer leading to 100% ownership of the Club. We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the Club represents.""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."
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