Arsenal fans have hit out at Stan Kroenke’s bid to buy the club outright this week, after the American lodged a £1.8bn bid to buy the club outright.
Kroenke owns a 67% majority of Arsenal, and wants to take full ownership of the club after securing the backing of minority owner Alisher Usmanov who owns 30%.
Kroenke’s company says it has received an “irrevocable undertaking” from Usmanov’s firm to accept the offer as soon as possible, with a deadline of 3pm on Tuesday set. It would mean Kroenke will own a 97% share in the club which would then lead to the compulsory purchase of the remaining shares.
The Arsenal Supporters’ Trust wrote in a statement that the news marks a dreadful day for the club.
The statement read: “This news marks a dreadful day for Arsenal Football Club.
“Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values.
“The AST is also extremely concerned to note that this purchase is being funded by a loan.
“The most dreadful part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans. Many of these fans are AST members and hold their shares not for value but as custodians who care for the future of the club.
“Kroenke’s actions will neuter their voice and involvement. It is in effect legalised theft to remove shareholder scrutiny on how Arsenal is managed.
“The AST is wholly against this takeover. Arsenal remains too important to be owned by any one person.”
Arsenal fans have also gone mad on Twitter about the news, here are some of the highlights:
Stan Kroenke has reached agreement with Alisher Usmanov on his buy-out of Arsenal. It's not just an offer – Usmanov has accepted the terms of a takeover that values Arsenal at £1.8 bn.
— Jeremy Wilson (@JWTelegraph) August 7, 2018
Kroenke set to take full ownership of Arsenal. Sad day in Arsenal’s history. Owned by an American, we’ll probably get relocated to Dallas, change name to Arsecows Soccer Club and we can forget about trophies and class players. It was good knowing you @Arsenal
— Lacazettes (@Lacazettes) August 7, 2018
Poor old Arsenal fans.
Just as they start to look forward to a season with more optimism and no Wenger, Stan Kroenke manages to annoy everyone by trying to buy the club outright— Dean Jones (@DeanJonesBR) August 7, 2018
Incredibly sad day for so many of our fan shareholders that that no longer own a part of this club ? Imagine if this wasn't only about ? but about the club, the community & the fans – all this new enthusiasm we are witnessing with Unai wouldn't feel like such a waste. #Arsenal
— Ian Wright (@IanWright0) August 7, 2018
Time to wake up and smell the coffee now. We are no longer in 1886… this is not a family run business no more and there is a global community. Arsenal football club are not just a football club, it's a brand!
Time to realise football has changed.
— DaGman (@DaGman84) August 7, 2018
Kroenke will rinse the soul out of our club. I wish we had a respectful owner who genuinely loves Arsenal and wants success. I'm scared of the future now.
— Jess (@JessLouiseF) August 7, 2018