Alisher Usmanov confirms £600m sale of Arsenal stake | OneFootball

Alisher Usmanov has confirmed the sale of the Arsenal shares owned by his company Red and White Holdings plc.

The Uzbeki was in control of 30% of the club’s shares but has agreed to sell them to majority owner Stan Kroenke, who will now take complete control of the club.

In a statement, Usmanov confirmed the end of his 11-year association with the Gunners:

“I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world.

“I wish all the best and great success to this wonderful football club and to all those whose lives and careers are entwined in it.”

The Uzbeki had been locked in a power battle with Kroenke and has been upset that he was blocked from being on the Arsenal board despite owning 30% of the club.

Kroenke’s purchase of the shares mean Arsenal is valued at £1.8bn. The American now has full control of the club.

In a statement released early on Tuesday, the Arsenal Supporters’ Trust expressed their distrust of Kroenke.

“Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values.

“By taking the club private, Stan Kroenke will be able to implement the following detrimental actions: pay management fees and dividends without any check or balance, no Annual General Meeting (AGM) to hold the board to account, remove the independent directors, place debt onto Arsenal to support his other business interests.

“The AST is also extremely concerned to note that this purchase is being funded by a loan.

“The most dreadful part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans.

“Many of these fans are AST members and hold their shares not for value but as custodians who care for the future of the club.

“The AST is wholly against this takeover. Arsenal remains too important to be owned by any one person.”