Alisher Usmanov has said he will not sell his stake in Arsenal to Stan Kroenke, despite having been offered £525m for it by the club’s majority shareholder. But Usmanov, who owns 30.04% of Arsenal, would be open to selling to a group that had the best interests of the fans at heart.
The Guardian reported on Tuesday that a consortium of long-standing Arsenal supporters with heavyweight financial backing had tried on three occasions over the past year to buy into the club – without success.
Usmanov has no seat on the board and no say in the running of the club. He has long been at loggerheads with Kroenke, whose controlling interest stands at 67.05%, and his ideal scenario would be to buy out his rival. The Russian made him an offer at the end of last season only to see it rejected, with Kroenke maintaining that he would never sell. Kroenke has described his interest in Arsenal as being for generations.
The American turned the tables on Usmanov with the bid for his stake but the latter has been similarly unmoved. It appears to add up to impasse although Usmanov, when discussing the scenarios to which he was open, did say he would consider selling to a third party that shared his thoughts on the direction the club should take.
“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 share my and undoubtedly the majority of fans’ vision for the club, I could consider the question of selling my stake,” Usmanov said in a statement.
Usmanov said his offer to Kroenke remains on the table but the key part of his message was to make it plain to fans that he would not sell to the American. Were Kroenke to get Usmanov’s stake, he would be able to force Arsenal into becoming a private company with very little transparency.
“I would like to be clear that I am not holding any talks with Mr Kroenke about a sale,” Usmanov said. “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.
“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.”