Kroenke set for full ownership of Arsenal after Usmanov deal
LONDON (AP) — American sports magnate Stan Kroenke is set to take full ownership of Arsenal after winning a power struggle with a rival billionaire by securing a deal valuing the English Premier League club at 1.8 billion pounds ($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 percent, has accepted defeat and agreed to sell up to the majority shareholder. Kroenke, who also owns the NFL's Los Angeles Rams, currently owns 67 percent of Arsenal.
The agreement with Usmanov takes Kroenke beyond the 90 percent threshold that allows him to mount a mandatory bid for the remaining shares to gain 100 percent of the London club.