Arsenal fans fear that they will be further sidelined if Alisher Usmanov sells his 30 per cent stake to majority shareholder Stan Kroenke. Usmanov has explored selling his stake after accepting that his rival will not let him take full control.
Kroenke owns a 67 per cent stake in Arsenal and there are fears of a reduction in transparency if he acquires the club outright. Were Kroenke to reach a 90 per cent stake, the remaining shareholders would be obliged to sell to him and he could then delist the club from the stock exchange. It is possible that the club's legal status could be transferred to the United States.
In a statement referring to Stan Kroenke's refusal to engage with supporters, the Arsenal Supporters' Trust said: 'Arsenal is too important to be owned by any one person and there should be a plurality of ownership, including supporters.'
Mr Usmanov has said he is willing to sell to any party - other than Mr Kroenke - who 'shares my and undoubtedly the majority of fans' vision for the club.' However, this is a difficult sales pitch: he does not have a board seat at Arsenal or any say over the running of the club. Any new shareholder is likely to face the same problems with Mr Kroenke effectively in control.
Last October Mr Usmanov turned down a £525m offer from Mr Kroenke for his shareholding. A few months earlier Mr Usmanov made a $1.3bn bid to acquire Mr Kroenke's stake which was rejected.
Mr Usmanov first acquired shares in Arsenal in 2007, teaming up with Anglo-Iranian businessman Farhad Moshiri to buy a 14.6 per cent stake for £75m. In 2016, Mr Usmanov increased his stake to 30 per cent, buying out Mr Moshiri.
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