Arsenal valued at $3.1 billion as Kroenke moves to take complete control

Kroenke has reportedly had a £600 million (US$778 million) bid for Usmanov's 30 percent stake in the London club accepted, boosting the USA businessman's current 67 percent share ownership.

"We at KSE are moving forward with this offer leading to 100 percent ownership of the club", Kroenke said in the statement.

In October past year KSE offered £525 to buy the shares held by Usmanov while the Russian billionaire himself failed with a £1bn takeover bid and has become frustrated at not having a seat on the board or any say over the running of the club. The offer values the club at £1.8bn.

Coming at a crucial time for Arsenal as they start life without manager Arsene Wenger for the first time in 22 years, the deal cements the position of the USA sports boss among an elite band of super-rich soccer club owners in England.

He will be buying out fellow mogul Alisher Usmanov, who will receive £550m for his 30 per cent stake based on the share price of £29,419.64.

After news broke of the bid the Arsenal Supporters' Trust (AST) called it a "dreadful day" for the football club.

The journey has not always been smooth for the USA sports mogul, whose interests include the Denver Nuggets basketball team and the LA Rams American football franchise.

KSE had made an offer of around £525million to buy the 18,695 shares held by Usmanov's Red and White Securities Limited in October, but saw that bid rejected. "KSE is a committed, long-term owner of the club".

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Kroenke now holds 41,743 Arsenal shares, approximately 67.09 per cent of the club.

There will be big dividends getting paid out from the football club as a profit maximising entity, but for Arsenal that's not really any different to what they have had for the past 10 or 15 years with Usmanov and back when Farhad Moshiri (former shareholder and Everton co-owner) was involved. Usmanov publicly questioned the lack of investment in the squad as he was shut out of any decision-making by Kroenke, who also owns Major League Soccer's Colorado Rapids.

He was critical of Kroenke's passive ownership style, which has been increasingly echoed by Arsenal fans unhappy with what they see as the board´s willingness to settle for on-field mediocrity so long as commercial stability was maintained.

But the Arsenal Supporters' Trust (AST) said it was a "dreadful" day for the club, adding it was too important to be owned by one person.

'It is in effect legalised theft to remove shareholder scrutiny on how Arsenal is managed.

Kroenke dismissed concerns of fans who last saw the team win the Premier League in 2004 and finish sixth last season to miss out on the Champions League.

To buy him and the other investors out, Kroenke will pay 602 million pounds, using 45 million pounds of his own money and a 557 million pound loan from Deutsche Bank.

"Kroenke plans to forcibly purchase the shares held by Arsenal fans". The AST is wholly against this takeover.

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