Sports

Usmanov bid to buy Arsenal rejected by Kroenke

Usmanov bid to buy Arsenal rejected by Kroenke

Usmanov's Red and White Holdings has always been shut out of a seat on the Board even though they own 30% of the club, which has long angered the minority owner.

Usmanov has been a shareholder at the Premier League club since 2007 and upped his stake from 14.6 per cent to 30 when he bought out Farhad Moshiri in 2016.

Usmanov's offer values the club at as much as 2 billion pounds ($2.6 billion), the people said, asking not to be identified discussing a confidential matter.

The takeover bid adds to the sense of uncertainty surrounding the club, with Arsene Wenger's future beyond this season still up in the air.

FILE - In this Thursday, Sept. 12, 2013 file photo, Uzbek-born Russian businessman Alisher Usmanov attends a meeting of Russian President Vladimir Putin and Crown Prince Sheik Mohammed bin Zayed Al Nahyan of the United Arab Emirates at the Novo-Ogaryovo state residence outside Moscow.

Oil prices soar as KSA, Russia back extension of output cut
Novak said the new proposal foresees the same cuts in production with extension of time frame by 9 months. Sources have told Reuters that Turkmenistan is one of the new countries which may join the global deal.

Fan protests have mounted against manager Arsene Wenger with calls for him to leave after nearly 21 years in charge.

Usmanov, whose investment in Arsenal is through Red & White Holdings, has been denied a place on the board of directors by Kroenke and he has publicly questioned the lack of investment in the squad.

The latest attempt at taking over majority control can be easily seen as a way for Usmanov to unseat the current Board, assume full decision-making and, to possibly the fans' delight, pave a way to inject the club with funds needed to purchase the players they watch go to other league rivals.

The Frenchman, who is out of contract at the end of the campaign, is preparing for the final Premier League game of the season against Everton with a faint hope of finishing in the top-four for the 21st consecutive season. The last title came in 2004 and the only silverware since then has been FA Cup successes in 2014 and 2015.

According to the Financial Times, the offer was made last month and, though Kroenke is yet to reject it outright, the American reportedly has absolutely no intention of selling up at any point in the near future.


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