Stan Kroenke, the majority owner of Arsenal, has made an offer to buy all of the English Premier League club.
Kroenke has offered to buy the north London club in a deal that values it at around 1.8 billion pounds ($2.33 billion), after he secured the backing of minority owner Alisher Usmanov.
The American billionaire, who already owns 67 percent of the club, said in a statement to the London stock exchange that he thought the club would benefit from being taken private.
“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,” Stan Kroenke said.
Kroenke already owns NFL’s Los Angeles Rams, NBA’s Denver Nuggets among others.
The American businessman has been a ‘part-owner’ of Arsenal since 2007 but has gradually increased his stake in the club since.
The move comes at a crucial time for the north London club which is embarking on life without long-time manager Arsene Wenger who stood down in April after 22 years in charge.
The club, under new manager Unai Emery, faces a battle to return to the summit of English football as the competition among the premier league’s top six clubs has never been greater.
The new league kicks off on Friday night with Pep Guardiola’s Manchester City, Juergen Klopp’s Liverpool and Jose Mourinho’s Manchester United all expected to set the standard.
News credit : Indiatoday