There is no end in sight for Arsenal’s boardroom turmoil as both Stan Kroenke and Alisher Usmanov try to buy the other out.
After metal and mining magnate Usmanov offered Kroenke £1billion for his stake in May the US billionaire, owner of several other sports franchises, responded with a bid of his own that would have handed him 97 per cent of the club.
Both have been rejected and, for now, the club ownership remains in the same impasse it has found itself in since 2011, when Kroenke bought out Danny Fiszman and Lady Nina Bracewell-Smith to become majority shareholder.
Standard Sport examines the lay of the land at the Emirates…
Who owns what?
Majority shareholder Kroenke has amassed a 67.05 per cent stake in Arsenal Holdings PLC since first buying a stake from ITV in 2007.The shareholding is held through Kroenke Sports and Entertainment (KSE).
Red and White Securities LTD own 30.04 per cent of Arsenal. This shareholding belongs entirely to Usmanov, who had split his stake with Farhad Moshiri before the Iranian businessman sold up to invest in 49.9 per cent of Everton.
The remaining 2.91 per cent, 1803 shares, belongs to minor shareholders, including the Arsenal Supporters Trust.
Were either owner to acquire the other’s stake, they would be able to run the club as they wish. Their 97 per cent holding would comfortably be enough to pass special resolutions and could lead to significantly less transparency at the club.
How much are Kroenke and Usmanov worth?
According to Forbes, Kroenke is worth £6.2billion while Usmanov is valued at £12.1bn, as of October 10 2017.
Would either sell up?
Both have rejected bids for their shares and in doing so reaffirmed their commitment to their current investment in Arsenal.
In May, soon after Usmanov made his bid, KSE said it was "a committed long term investor in Arsenal and will remain so."
In a lengthy statement after rejecting Kroenke’s £525million offer, Usmanov insisted he was "not holding any talks with Mr Kroenke about a sale".
Usmanov added that he was looking to increase his shareholding and reaffirmed that the £1bn offer to Kroenke was still on the table.
However Usmanov did say he could be tempted to part with his stake - though it appears clear he will not do business with Kroenke.
He wrote: "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."
What do the two disagree on?
Usmanov has been a vocal critic of the Arsenal board, on which he has no place, from the sidelines over recent years. In particular he has questioned Kroenke’s self-financing model in which the club only spends what it earns.
Arsenal's most expensive transfers
The Uzbek-born Russian has suggested he would be open to spending more to bring trophies back to Arsenal. In a 2012 letter to the board, Usmanov laid out Red and White’s vision for the Gunners as "a debt free Club, with a big enough war chest to buy top talent players who can hit the ground running and who can complement the club's long tradition of developing young players and home-grown talent."
Could a third party takeover Arsenal?
That would appear to be the £2bn question, if Usmanov’s valuation of the club is accurate. The seventh-most valuable club in the world, according to Deloitte, will not come cheap.
Nigerian billionaire Aliko Dangote (above) has long linked himself with a bid for control, and held talks to invest in the club before Kroenke and Usmanov’s battle for control.
Africa’s richest man, who has been publicly critical of manager Arsene Wenger, has said he will consider making his move for both owners’ shares once his company completes work on a major oil refinery in Lagos.
There has also been speculation about another consortium including supporters from the local area, though they are yet to publicly reveal themselves.
Why are Arsenal fans unhappy with Kroenke?
‘Mr Arsenal’ himself Tony Adams perhaps explains it best.
He told Standard Sport in June: "All the fans want is to feel that their owners love the club, that they’re accessible. That Arsenal is a family. The Arsenal fans have detected the problems with Kroenke. He doesn’t come to the games. Is he really that bothered?
"They’re thinking ‘well let’s have the other one [Usmanov]’. A few years ago they’d have cried if he’d come anywhere near the club. Now they’re convinced he has money, will use it and loves the club.
"I’m not sure that’ll be the case either. That’s why I tried to organise a three way split [Adams tried to convince the late Fiszman to join a consortium that would have obtained 31 per cent of Arsenal shares]."
A £3m payment for "strategic and advisory services" to KSE was made by Arsenal in 2014 and 2015, though this was subsequently waived after fan ire.
Protests against Kroenke were first seen en masse in an April 2016 game against Norwich while chants of "Stan Kroenke – get out of our club" echoed around the Emirates in May, when a 3-1 win over Everton was not enough to secure Arsenal’s qualification for the Champions League.