Corbyn concerned about Kroenke's takeover of Arsenal

Corbyn concerned about Kroenke's takeover of Arsenal

Mr Kroenke, who owns the Los Angeles Rams American football team and the Denver Nuggets basketball team, has offered to buy out rival billionaire Alisher Usmanov's 30% stake to take full control.

Wright said he is anxious that American billionaire Kroenke cares more about money than winning trophies, and that Arsenal will no longer be able to compete for top trophies with him running the club.

Usmanov said: "I have chose to sell my shares in Arsenal FC, which could be the best football club in the world", he said.

The statement said that he also intends to exercise the legal right, which comes with 90 per cent ownership of a company, and force all remaining small shareholders - majority Arsenal supporters - to sell their shares to him.

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".

Kroenke dismissed concerns of fans who last saw the team win the Premier League in 2004 and finish sixth last season to miss out on the Champions League.

The main Arsenal fan group said Kroenke mounting full control "marks a awful day" for the club, which is preparing for its first season with Unai Emery as coach after Arsene Wenger's 22-year reign ended.

Coming at a crucial time for Arsenal as they start life without manager Arsene Wenger for the first time in 22 years, the deal cements the position of the US sports boss among an elite band of super-rich soccer club owners in England.

Kroenke is unpopular with some fans
Kroenke is unpopular with some fans

AST added that by becoming the 100% owner, Kroenke would be able to take "detrimental actions" such as paying "management fees and dividends without any check or balance".

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.

"The AST is wholly against this takeover". It's like you or I buying a house, taking out a mortgage, if you maintain those payments against those loans or however you borrowed then it is not a problem.

From a purely business point of view, it's not a bad model.

KSE says it has received an "irrevocable undertaking" from Red and White Securities to accept the offer as soon as possible, and in any event by 3pm on Tuesday, with each share valued at £29,419.64.

Through his Kroenke Sports and Entertainment company, the billionaire also owns MLS side, Colorado Rapids, among a broad portfolio of American sporting interests.

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

Laurent Koscielny named Arsenal's main captain by head coach Unai Emery
But then also we need to build [a mentality] and it isn't a thing you find quickly. He started his career as a bigger player than me.

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