London: English Premier League soccer club Arsenal said on Monday it had agreed to be taken over by American billionaire Stan Kroenke in a deal which would value the club at 731 million pounds (USD 1.2 billion).
Kroenke, who already owns close to 30 percent of the North London club, said he had offered Arsenal shareholders 11,750 pounds per share and had already secured the backing of 16.1 percent shareholder Danny Fiszman and 15.9 percent shareholder Nina Bracewell-Smith.Kroenke, who owns several major sports teams in the United States, now controls 63 percent of the club, which currently lies second in the league behind rivals Manchester United.
"Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger. We intend to build on this rich heritage and take the club to new success," Kroenke said in a statement.
Arsenal have gone six years without a trophy since their FA Cup success in 2005 and fans have been frustrated as their spending on players lagged behind rivals such as Chelsea and Manchester City.
Manager Wenger welcomed the takeover.
"I have worked with Stan Kroenke at board meetings over the past couple of years and I believe he has the best interests of Arsenal at heart. He understands the club`s heritage and traditions and our ambition to run the club in a way which protects our long term future," he said.
Under Takeover Panel rules, Kroenke is now compelled to make an offer for the remaining shares.Russian steel magnate Alisher Usmanov is Arsenal`s other major shareholder, holding a 27 percent stake through his Red and White vehicle.
Chairman Peter Hill-Wood will remain in his position.
Bureau Report
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.