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Stan Kroenke secures Arsenal FC takeover with $712M bid

News Nation Bureau | Edited By : Subhayan Chakraborty | Updated on: 09 Aug 2018, 09:12:22 AM
Stan Kroenke secures Arsenal FC takeover with $712M bid (Photo: Twitter)

New Delhi:

Billionaire Stan Kroenke has officially taken over Arsenal Football Club as the sole owner and has added the London club to his collection that already included the Denver Nuggets, Colorado Rapids, Los Angeles Rams and Colorado Avalanche.

Regular Forbes headliner, and the owner of Kroenke Sports & Entertainment Group, Stan Kroenke purchased the 30 per cent shares of Russian billionaire Alisher Usmanov in the Premier League team.

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This deal brings an end to a decade-long battle for complete ownership between Kroenke and Usmanov. The deal is reportedly around the sum of $712 million and will enable Kroenke to purchase the remaining shares of the club and ‘take the club private’

The Arsenal Supporters’ Trust (AST) has already heavily criticised the deal saying it as ‘a dreadful day for Arsenal Football Club’.

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Meanwhile, Arsenal will now become Kroenke’s second team in the Forbes’ ranking of the top 50 most valuable sports teams in 2018.

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First Published : 09 Aug 2018, 09:11:35 AM