Billionaire Usmanov made $1.3 billion offer for control of Arsenal

Billionaire Usmanov made $1.3 billion offer for control of Arsenal

Billionaire Usmanov made $1.3 billion offer for control of Arsenal

Russian billionaire Alisher Usmanov has made a $1.3 billion (£998 million, 1.1 billion euros) bid to take control of Arsenal from rival majority shareholder Stan Kroenke, according to a Financial Times report on Friday. The person spoke on condition of anonymity to discuss the club's financial matters.

However, media sources are reporting that the Kroenke family wants to maintain control of the club despite having several other franchises to their name, including the Los Angeles Rams (NFL), Denver Nuggets (NBA), Colorado Avalanche (NHL), Colorado Rapids of Major League Soccer, and the Colorado Mammoth of the National Lacrosse League.

Mr Usmanov, a metals magnate who owns 30 per cent of Arsenal, conveyed the offer in a letter to Stan Kroenke, the USA sports mogul, who controls a 67 per cent stake. The Uzbek-born Russian is of the view that the owner isn't investing enough in the squad, and recently blamed Kroenke, along with the Arsenal board, for the club's recent failures.

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Usmanov, who acquired his fortune in the metal industry, is believed to be concerned by a lack of investment in Arsenal.

Arsenal are in danger of finishing outside the top four in the Premier League and failing to qualify for the Champions League for the first time in over 20 years.

Fan protests have mounted against manager Arsene Wenger with calls for him to leave after nearly 21 years in charge.

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Arsenal are on a run of five Premier League wins in six matches and have closed the gap on the top four to three points with two games to go.

Arsenal legend Ian Wright urges fans to support Alisher Usmanov's reported £1bn takeover bid for the club.

To read this article in one of Houston's most-spoken languages, click on the button below. Kroenke, an American billionaire investor who controls nearly 67 percent in the company, couldn't immediately be reached for comment. The last title came in 2004 and the only silverware since then has been FA Cup successes in 2014 and 2015.

Usmanov owns 30 per cent of Arsenal but has expressed dissatisfaction over the club's direction under Kroenke, who has denied him a place on the board. The 63-year-old tycoon, who started out with a plastic bags business, also heads the International Fencing Federation.

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