Alisher Usmanov has reaffirmed his commitment to retaining his shares in Arsenal after Stan Kroenke expressed interest in buying his stake for £525million.
The offer, worth around £28,000 per share, came five months after Usmanov had launched a £1billion takeover bid of his own that had been rejected by Kroenke.
Indeed Usmanov confirmed that his own offer is still on the table should Kroenke wish to sell up. He also hinted that he could consider selling up, but only to a buyer “who shares my and undoubtedly the majority of fans’ vision for the club.”
Uzbek-born Russian billionaire Usmanov has no position on the Arsenal board and his relationship with majority shareholder Kroenke, who owns 67.1 per cent, has been cool for several years.
However Usmanov said last year amid speculation he was looking to sell his stake and join business partner Farhad Moshiri at Everton that Arsenal is “a long-term investment for his family and future generations.”
In a statement Usmanov, who owns 30 per cent of Arsenal Holdings plc, said: "In recent days there has been speculation relating to a possible offer for my 30% stake in Arsenal.
"As part of that I can understand the anxiety that these rumours are causing to the fans as reflected by the Arsenal Supporters Trust.
"In light of this, I would like to be clear that I am not holding any talks with Mr Kroenke about a sale. My interest in Arsenal from the beginning was long term and my intention has always been to buy additional shares should they become available.
"This I did with the purchase of the stake of my business partner Farhad Moshiri with which I increased my shareholding from 15% to 30%, and also with my proposed offer for the stake of the majority shareholder which valued the Club at some £2bn.
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"That offer remains valid today. I have always been and will continue to be an ardent supporter of Arsenal and I see my 30% stake as an important aspect in protecting the best interests of the fans in the club. It has been well documented that I have no say in the running of the club, that my views differ from those of the majority shareholder and that I would take a different approach to delivering footballing success.
"I would like to assure supporters that I am open to various future scenarios - a constructive partnership with the majority shareholder, the purchase of his stake either alone or in a consortium, or if a party appears who shares my and undoubtedly the majority of fans’ vision for the club, I could consider the question of selling my stake."
The news will likely be welcomed by fans, with the Arsenal Supporters Trust having called for Usmanov to retain his stake and be given a seat on the board.
Were Kroenke’s bid for control to be successful the 70-year-old would have been able to squeeze out Arsenal’s remaining minority shareholders, who own a three per cent stake in the club.
He would then be free to delist Arsenal and could theoretically then run the club under significantly less external scrutiny.