Sunday, 25 August, 2019

Stan Kroenke buy-out ‘dreadful’ for Arsenal, say fans

Arsenal majority owner Stan Kroenke Arsenal majority owner Stan Kroenke
Shannon Reynolds | 11 August, 2018, 07:45

"I have made a decision to sell my shares in Arsenal Football Club which could be the best football club in the world", he said. Americans have had a mixed fortune as Premier League owners, with the Glazer family rarely popular at Manchester United, even when the club won the league.

Stan Kroenke moved to the brink of a full takeover of Arsenal on Tuesday (Aug 7) after minority shareholder Alisher Usmanov accepted an offer worth £550 million (B23.749 billion) for his stake.

The American's company, Kroenke Sports and Entertainment, now owns 67 per cent of the Gunners and has offered to purchase the 30 per cent held by Alisher Usmanov's Red and White Securities firm.

But the Arsenal Supporters' Trust (AST) said it was a "dreadful" day for the club, adding it was too important to be owned by one person.

While Kroenke says taking sole ownership will benefit the club, the Arsenal Supporters' Trust (AST) called the news "a awful day" for the Gunners.

This deal brings an end to a decade-long battle for complete ownership between Kroenke and Usmanov.

Labour leader and Arsenal fan Jeremy Corbyn has backed the club's Supporters Trust in their opposition to Stan Kroenke's full takeover of the Gunners.

The motion, put forward by Brian Sedgemore MP, read: "This House believes that Arsenal is the best club football team in the world at the moment and admires them for the fluency and poetry that they have brought to the handsome game".

"KSE believes moving to private ownership will bring the benefits of a single owner better able to move quickly in furtherance of the club's strategy and ambitions, " Kroenke's company said.

Kroenke is unpopular with some fans
Kroenke is unpopular with some fans

Kroenke, who - like Usmanov - first started amassing shares in Arsenal in 2007, succeeded in gaining full control in 2011.

In a world where clubs are owned by billionaires who do not always turn up to watch them play, the independent shareholders formed a rare bridge between the club's board and its fans. They also stated that by becoming the 100% owner, Kroenke could, if so desired, take "detrimental actions" such as paying "management fees and dividends without any check or balance".

"The financial viability of the deal must also be carefully examined, especially if the club will be purchased via a loan".

"This news marks a awful day for Arsenal Football Club", it read.

"The AST is wholly against this takeover which marks a very sad day for Arsenal football club".

Kroenke dismissed concerns of fans who last saw the team win the Premier League in 2004 and finish sixth last season to miss out on the Champions League.

Kroenke will be raising the capital to take control of the club with £45m of his own money and borrowing £557m, which he says will not be against the club.

Arsenal have a new manager in charge this season after Unai Emery took over from Arsene Wenger, who had been Gunners boss for 22 years.

Trump Doubles Tariffs on Turkish Steel, Aluminum Imports
President Donald Trump said on Friday that he has authorised the doubling of steel and aluminium tariffs "with respect to Turkey". Brunson, a U.S. citizen and Turkish resident for over two decades, was arrested in Turkey on charges of terrorism and espionage.

Matt Le Tissier predicts where Liverpool FC, Man City will finish
Asked if nothing would happen in or out before the Premier League deadline at 5pm, he said: "The information I have is no (nothing will happen)".

House of Fraser bought by Sports Direct for £90m
The Sports Direct chief added: "This is a massive step forward and further enhances our strategy of elevation across the group". Like other retailers, House of Fraser has been stung by soaring costs and falling consumer spending power.

Recommended

Red Sox’s Betts hits for the cycle, but Jays avoid the sweep Red Sox’s Betts hits for the cycle, but Jays avoid the sweep A fan in the left field seats caught two home runs balls, snagging Martinez's drive in the fifth and Grichuk's in the sixth. Though the Red Sox have had a proclivity for shining late in games all season, they couldn't rally in this one.

Why the Galaxy Note 9 is the new king of the enterprise Why the Galaxy Note 9 is the new king of the enterprise Since then, Samsung has subjected its phones to multiple inspections, including X-rays and stress tests at extreme temperatures. The Samsung Galaxy Note 9 was put on pre-order this morning, right around 24 hours after the device was initially revealed.

Fortnite for Android goes "off market" Fortnite for Android goes While this move will make Epic Games more money than otherwise, it will also set up a unsafe precedent for Google. Because there are no Android servers yet, this is the only way for Android players to get into a live game now .

Trump doubles tariffs on Turkey, stoking jitters Trump doubles tariffs on Turkey, stoking jitters Brunson, a U.S. citizen and Turkish resident for over two decades, was arrested in Turkey on charges of terrorism and espionage. Where has Erdogan's "economic miracle" gone? .

Jose Mourinho Second with Manchester United among my biggest achievements Jose Mourinho Second with Manchester United among my biggest achievements Harry Maguire, Toby Alderweireld, Jerome Boateng, Yerry Mina and Diego Godin were all heavily linked with a move to Old Trafford. Forget the name, forget the history, forget the shirts, every team is a good team and every match is hard '.

US Judge orders return of deported family, threatens Sessions with contempt US Judge orders return of deported family, threatens Sessions with contempt The Department of Justice is not commenting on the case nor the judges' threat to hold the attorney general in contempt. He reportedly also said Attorney General Jeff Sessions could be held in contempt of court for the deportation.

Nintendo Switch Online Launches in ‘Second Half’ of September Nintendo Switch Online Launches in ‘Second Half’ of September Family memberships for up to eight accounts will be available only for the 12-month subscription option for $34.99. Nintendo's Switch online service was first scheduled for a release a year ago , but was later delayed to Fall 2018.

Ullrich arrested for attack on prostitute Ullrich arrested for attack on prostitute Former Tour de France victor Jan Ullrich has been arrested for allegedly assaulting a prostitute in Frankfurt, police say. Officials say the woman suffered injuries in the attack and Ullrich could be charged with assault or attempted murder.

SEC Delays VanEck-SolidX Bitcoin ETF Decision to September SEC Delays VanEck-SolidX Bitcoin ETF Decision to September Commodity Futures Trading Commission (CFTC). Let us know in the comments section below. Need to calculate your bitcoin holdings?

Bitcoin Price Falls Below $6,500 as Cryptocurrency Market Continues to Bleed Bitcoin Price Falls Below $6,500 as Cryptocurrency Market Continues to Bleed At the moment, the price is testing an important support at $6,400, which was a pivot level and a support earlier. Bitcoin's continued price fall may not be over as the original cryptocurrency hovers just below the $7,000 mark.

Patriots Add $5M In Incentives To Contract Of Tom Brady Patriots Add $5M In Incentives To Contract Of Tom Brady The team says tight end Manasseh Garner, a long shot to make the roster, is out for the season with an ACL injury. "Speak for Yourself" host Jason Whitlock on the fallout from the NFL national anthem protests.

Perseid meteor shower: how to see shooting stars this weekend Perseid meteor shower: how to see shooting stars this weekend The Perseids are so-called because the point from which they appear, known as the radiant, lies in the constellation of Perseus. The annual show is the result of Earth's proximity to the "gritty" debris of Comet 109P/Swift-Tuttle, Boyle said in a release.

Michael Ball gives verdict on Everton’s summer transfer business Michael Ball gives verdict on Everton’s summer transfer business Everton have completed the signing of Barcelona defender Yerry Mina , who was also being targeted by Manchester United for a move this summer.

'Real Housewives' Bethenny Frankel's sometime-boyfriend Dennis Shields dead of overdose 'Real Housewives' Bethenny Frankel's sometime-boyfriend Dennis Shields dead of overdose The body of the man was found unconscious and unresponsive in a 42nd floor apartment around 9:30 a.m. this morning. It's unclear if Frankel and Shields were together at the time of his death.

Sprint Center announces Drake and Migos concert postponed until Sunday Sprint Center announces Drake and Migos concert postponed until Sunday The Drake performance that was scheduled to happen tonight at the Sprint Center has been rescheduled to happen on Sunday. That tour, dubbed Aubrey & The Three Amigos Live, was originally scheduled to kick off at the end of July.