U.S. billionaire Stan Kroenke has reached an agreement with Alisher Usmanov on his buy-out of English Premier League club Arsenal, according to multiple reports.
Per the terms of the reported agreement, Arsenal would be valued at £1.8 billion, or $2.3 billion.
Kroenke, who currently owns both the Denver Nuggets and Los Angeles Rams, became majority shareholder of the Premier League club in July 2011. Since then, Kroenke has kept a 67% majority of the club. Usmanov would be selling his 30% stake, and Kroenke reportedly plans to buy out the remaining shares from shareholders.
At the London Stock Exchange on Tuesday, Kroenke released a statement of the planned agreement and the decision to move forward without Usmanov:
“We at KSE are moving forward with this offer leading to 100 percent ownership of the club. We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”
Source: Heavy Sports