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Stormy Times At The Emirates

Stormy Times At The Emirates

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Arsenal havent won the Premier League since 2004 and while a successful business, fans of the club have led the way in one respect in recent years - complaining.

Complaining about transfers. Complaining about how long Arsene Wenger stayed.

Complaining about performances.

For the past few days they had been expressing their shock and anger at the club selling young goalkeeper Joao Virginia to ”‹Everton.

The 18-year-old ”‹joined Goodison Park on a three-year deal ”‹last week after three years in London, where he represented the Gunners' Under-18 and Under-23 sides.

Now they have something else to moan about.

Arsenal's majority shareholder Stan Kroenke has made a £600m offer to buy the whole of the club in a deal that would value the Gunners at £1.8bn.

The owner of the NFL's Los Angeles Rams and the NBA's Denver Nuggets among others, has been a part-owner of Arsenal since 2007 but gradually increased his stake in the club since.

The announcement was made to the London stock exchange.

The American billionaire owns 67% of Arsenal through his company KSE, which says Alisher Usmanov has agreed to sell his 30% stake in the club.

A KSE statement says taking the club private will help to further Arsenal's "strategy and ambitions".

Despite his shareholding, Usmanov is not part of the board or the decision-making at Arsenal.

The metal magnate made a £1bn bid to buy the Emirates outfit in May 2017 but this was rejected by Kroenke.

In the statement to the stock exchange, Kroenke said KSE were "moving forward with this offer, leading to 100% ownership of the club" and they "appreciate Mr Usmanov's dedication" to Arsenal.

The statement added: "KSE's ambitions for the club are to see it competing consistently to win the Premier League and the Champions League, as well as the major trophies in the women's senior game and at youth level."

KSE said that under "its stewardship since 2011 the club has invested in major transfers, player contracts, analytics, senior non-playing football management employees" and it "expects the club to build on those investments".

Kroenke will be raising the capital to take control of the club with £45m of his own money and borrowing £557m, which he says will not be against the club.

"The offer is not being funded by way of any debt finance (bank loans, payment in kind loans or other debt or quasi debt interest bearing obligations) for which the payment of interest on, repayment of, or security for any liability (contingent or otherwise) will depend on the business of Arsenal," said the statement.

Fans aren't happy and feel transparency about how the club is being run will be diminished.

 

It will be interesting to see how all this effects their on pitch activity in the coming season.


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