Russian billionaire Alisher Usmanov insists he will not sell his stake in Arsenal after fellow shareholder Stan Kroenke triggered a mandatory buyout offer for the club.
American businessman Kroenke secured a 62.89% controlling share in the club earlier this week after agreeing to buy out major shareholders Danny Fiszman (16.1%) and Lady Nina Bracewell-Smith (15.9%) for around £234m.
By passing the 30% threshold, Kroenke is obliged to make a cash offer for the remaining capital at £11,750 per share. The club’s total value has been set at £731m.
Kroenke’s main focus will now be on purchasing the £194m stake owned by Usmanov, who does not have a seat on the board but controls 27% of the club’s holding company.
However, Usmanov today told Bloomberg: “I’m not going to sell my stake. I love Arsenal, that’s why I’m a shareholder.”