Rams owner Stan Kroenke is set to take full ownership of Arsenal after winning a power struggle Tuesday with a rival billionaire by securing a deal valuing the English Premier League club at $2.3 billion.
Russian businessman Alisher Usmanov, who was denied a place on the Arsenal board by Kroenke despite building up his stake to 30%, has agreed to sell to Kroenke, who currently owns 67% of Arsenal.
The agreement with Usmanov takes Kroenke beyond the 90% threshold that allows him to mount a mandatory bid for the remaining shares to gain 100% of the London club.
The main Arsenal fan group said Kroenke mounting full control “marks a dreadful day” for the club, which is preparing for its first season with Unai Emery as coach after Arsene Wenger’s 22-year reign ended.
Kroenke, who — like Usmanov — first started amassing shares in Arsenal in 2007, succeeded in gaining majority control in 2011. Usmanov publicly questioned the lack of investment in the squad as he was shut out of any decision-making by Kroenke, who also owns Major League Soccer’s Colorado Rapids.