U.S. billionaire Stan Kroenke has reached an agreement with Red and White Securities‘ Alisher Usmanov on a buyout, acquiring the firm’s 30% ownership stake in English Premier League club Arsenal, according to multiple reports.
Arsenal would now be valued at £1.8 billion, or $2.3 billion following the purchase.
Kroenke currently owns Kroenke Sports & Entertainment, including the Denver Nuggets, Colorado Avalanche and Los Angeles Rams. He first bought a 9.9% stake in Arsenal from ITV in 2007.
After purchasing shares from Danny Fiszman and Lady Nina Bracewell-Smith in July 2011, Kroenke became the new majority shareholder of Arsenal. He has held a 67% majority stake of the club since, and reportedly plans to buy out the remaining shares from shareholders at a price of £600 million, almost $778 million.
The London Stock Exchange released a published statement Tuesday, August 7, 2018, from Kroenke detailing the planned agreement and decision to move Arsenal forward without Usmanov in the fold:
“We at KSE are moving forward with this offer leading to 100 percent ownership of the club. We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”
Usmanov originally purchased 14.5% stake from former Arsenal vice-chairman David Dein in August 2007, and reportedly expressed interest in selling as early as last month. As of 2018, Forbes values Usmanov at $12.8 billion, and Kroenke at $8.3 billion.