Alisher Usmanov agrees to sell Arsenal shares to Stan Kroenke
Alisher Usmanov says he has “decided to sell” his stake in Arsenal to majority owner Stan Kroenke in a deal which values his shares at £550m.
In a statement, Usmanov said: “I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world.
“I wish all the best and great success to this wonderful football club and to all those whose lives and careers are entwined in it.”
Usmanov’s Red and White Securities firm added: “We confirm that Mr Alisher Usmanov has given an irrevocable undertaking to KSE to accept the offer in respect of Red and White Securities’ entire holding of
18,695 Arsenal shares (representing approximately 30.05 per cent) for an agreed price of £29,419.64 per share in cash valuing Red and White Securities’ stake at just over £550m.”