Arsenal supporters' trust slams 'dreadful' takeover bid from billionaire Stan Kroenke

Arsenal FC supporter Jeremy Corbyn slams American tycoon’s full takeover of club

Arsenal FC supporter Jeremy Corbyn slams American tycoon’s full takeover of club

"- The Arsenal Supporters' Trust in response to the announcement by Arsenal's majority shareholder, American Stan Kroenke, that he has offered 600 million pounds ($788 million) to buy the 30 percent interest in the EPL club owned by Russian Alisher Usmanov.

The deal, which values the club at £1.8 billion, would end a decade-long battle between the two billionaires for control of Arsenal.

Usmanov confirmed in a statement released to Press Association Sport on Tuesday that he had accepted the offer for his shares but did not give a reason as to why he has now opted to cash in.

'The successful implementation of the offer will result in the opening of a new chapter in the history of the club in bringing 100 per cent private ownership by KSE.

KSE said that since "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".

Under Stock Exchange rules, Kroenke will have to make an offer for the remaining minority shares in Arsenal, most of which are small numbers held largely by supporters of the club.

Arsenal legend Ian Wright has said it would be "absolutely disastrous" for Stan Kroenke to get total ownership of the club.

Unai Emery was appointed manager in May after the club said farewell to Arsene Wenger after 22 years in charge.

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Arsenal last won the Premier League title in 2004 and last term finished sixth, 37 points behind champions Manchester City.

Corbyn was pictured in the crowd at the Emirates when Arsenal took on Atletico Madrid in the semi-finals of the UEFA Europa League last season.

"The financial viability of the deal must also be carefully examined, especially if the club will be purchased via a loan".

"The Arsenal Supporters' Trust is wholly against this takeover", one fans' group said.

Kroenke, owner of the Los Angeles Rams in the National Football League, said having a single owner would benefit the club, but fans said it was a "dreadful" day.

Rob Wilson, football finance expert at Sheffield Hallam University, wrote for BBC Sport that the deal is similar to taking a mortgage - take a big sum and as long as the payments can be met then it shouldn't have any negative effects.

KSE now has 41,743 of those, with Usmanov holding a stake of 18,695, which would be worth £550m under the offer.

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.

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