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Billionaire Stan Kroenke's deal to take full control of Arsenal has been slammed by the club's supporters' trust, who say it represents a "dreadful" day for the Premier League side. 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. In order to fund the deal, Mr Kroenke will pay £45m in cash and take a £557m loan from Deutsche Bank (IOB: 0H7D.IL - news) .
Mr. Kroenke, who owns the Los Angeles Rams American Football team and Denver Nuggets basketball team, has offered to buy out rival billionaire Alisher Usmanov's 30% stake to take full control in a deal valuing the club at £1.8bn. To pay for the deal, Mr Kroenke will pay £45m in cash and take a £557m loan from Deutsche Bank (IOB: 0H7D.IL - news) . "By taking the Club private Stan Kroenke will be able to... place debt onto Arsenal to support his other business interests," Arsenal Supports' Trust said.
US sports mogul Stan Kroenke has made a cash offer to buy Arsenal in a deal that values the English Premier League club at £1.8bn. Mr Kroenke, who owns 67.09% of Arsenal through KSE UK, has received "an irrevocable undertaking" from Russian billionaire Alisher Usmanov to sell his 30% stake in the club. Mr Usmanov will receive £550m for his holding, based on the share price of £29,419.64.
Russian billionaire Alisher Usmanov is exploring the sale of his stake in Arsenal to majority stakeholder Stan Kroenke, the Financial Times has reported. Mr Usmanov had hoped to buy the club from Mr Kroenke but the US sports mogul has refused to engage in takeover talks, the paper said, citing people close to the Russian tycoon. Having grown frustrated that Mr Kroenke is unwilling to sell at any price, Mr Usmanov is reportedly ready to sell his 30% stake in the English Premier League club.