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Stan Kroenke makes offer to take full ownership of Arsenal

AP  |  London 

has made an offer to take full ownership of Arsenal in a deal that would value the club at 1.8 billion pounds ($2.3 billion).

The U.S.-based and Entertainment owns 67 per cent of the club and has offered to purchase the 30 percent held by Alisher Usmanov's Red and White Securities firm.

In a statement published Tuesday via the London Stock Exchange, the company said the successful implementation of the offer would bring benefits of a single owner "better able to move quickly in furtherance of the club's strategy and ambitions. is a committed, long-term owner of the club."

"We at are moving forward with this Offer leading to 100 percent ownership of the club," was quoted as saying.

"We appreciate Mr Usmanov's dedication to the and the storied ethos and history the club represents."

The KSE, which also owns the NFL's Los Angeles Rams, says it has received an "irrevocable undertaking" from Red and White Securities to accept the offer for its 18,695 Arsenal shares as soon as possible.

The statement on the said KSE, a corporation wholly-owned by Kroenke, holds 41,743 Arsenal shares. It said Arsenal shareholders under the offer will be entitled to receive 29,419.64 pounds for each share.

Arsenal last won the title in 2004. Arsene Wenger ended his 22 years as after a sixth-place finish last season and has been replaced by Unai Emery.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 07 2018. 14:35 IST