Arsenal power battle continues as Alisher Usmanov offers #14,000 a share
Alisher Usmanov, the Uzbeki billionaire, has responded to Stan Kroenke’s takeover bid of £11,750 per share in Arsenal by offering £14,000 to any shareholder wishing to sell their stake.
Gunning for a takeover: Uzbeki billionaire Alisher Usmanov Photo: REUTERS
By Jeremy Wilson 9:36AM BST 25 May 2011
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Kroenke, an American billionaire sports team owner, has already secured around 63 per cent of the club following the decision of two key former directors, Danny Fiszman and Lady Bracewell-Smith, to sell their shares to him.
Usmanov, however, remains determined to limit Kroenke’s overall stake and has paid in excess of £12,000 for shares even while Arsenal has been under offer.
With the completion deadline looming on Friday for Kroenke’s unconditional offer of £11,750 per share, Usmanov has indicated that he is currently willing to pay an additional £2,250 per share. He has also rejected the chance to sell any of his existing 27 per cent stake to Kroenke. His offer of £14,000 per share puts a theoretical value on Arsenal of £871 million.
Usmanov has always said that he supports the club’s plural ownership structure and would argue that his decision to offer such a high sum for each share is to prevent too much of the club falling into the hands of one single individual.
When it was revealed that Lady Bracewell-Smith had agreed to sell her 15.9 per cent stake to Kroenke for £116.24 million, Usmanov failed with a counter bid in excess of £128 million.
Usmanov was placed second in the recent Sunday Times list of the richest people living in Britain, with an estimated worth that exceeds Chelsea owner Roman Abramovich by £1.9 billion.
The Arsenal Supporters’ Trust set up a ‘fanshare’ scheme last year to encourage ordinary supporters to become shareholders and has recommended that its members should reject Kroenke’s offer.
Arsenal also confirmed its pre-season tour to Malaysia and China, with Jack Wilshere likely to take part in that trip after missing the European Under-21 championships.
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