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23 Oct 2018, Edition - 1197, Tuesday

FLASH NEWS:

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  • Priest who was key witness in nun rape case found dead
  • Supreme Court to take final call on pleas for banning crackers today
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  • 46 organisations in Assam have called for a 12-hour statewide bandh today against Citizenship (Amendment) Bill 2016
  • Paytm founder’s secretary, 2 more held for Rs 20 crore blackmail in Noida

Sports

Stan Kroenke makes £600m offer to buy ‘100% ownership’ of Arsenal

The Guardian

Arsenal’s majority shareholder Stan Kroenke has made a £600m offer to buy the whole of the Premier League club, which would take its value to £1.8bn, and insists his ambition for the club is “to see it competing consistently to win the Premier League and the Champions League.”

The American currently owns 67% of the club, and has put forward a deal – published on the London Stock Exchange – that would see him buy the remainder of the club’s shares, 30% of which are owned by Russian billionaire Alisher Usmanov and his company Red and White Securities.

Kroenke is acting through his own company, Kroenke Sports & Entertainment, which also owns NFL’s LA Rams, NBA side Denver Nuggets, NHL team Colorado Avalanche and MLS’ Colorado Rapids.

“We at KSE are moving forward with this offer leading to 100% ownership of the club. We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.

“KSE’s ambitions for the club are to see it competing consistently to win the Premier League and the Champions League, as well as the major trophies in the women’s senior game and at youth level.

KSE says it has received an “irrevocable undertaking” from Red and White Securities to accept the offer as soon as possible, and in any event by 3pm on Tuesday.

In October last year KSE offered £525m to buy the 18,695 shares held by Usmanov. Kroenke believes taking the north London club into private ownership will increase their chances of success in the future.

The statement continued: “The successful implementation of the offer will result in the opening of a new chapter in the history of the club in bringing 100 per cent private ownership by KSE. KSE believes moving to private ownership will bring the benefits of a single owner better able to move quickly in furtherance of the club’s strategy and ambitions. KSE is a committed, long-term owner of the club.”

COIMBATORE WEATHER