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Kroenke Rules Out Selling Controlling Stake In Arsenal To Minority Shareholder Usmanov

Arsenal Majority Shareholder Stan Kroenke "ruled out selling his controlling stake" in the club after an "unsolicited offer from Uzbek-Russian billionaire Alisher Usmanov," according to Ahmed & Massoudi of the FINANCIAL TIMES. In a statement on Monday, KSE UK, the holding company for Kroenke's interest in the club, restated its commitment to the Premier League side, saying that his shares are "not, and never have been, for sale." Usmanov, a rival shareholder who already owns 30% of Arsenal, made a $1.3B bid to acquire the shares held by KSE. Two people with close knowledge of the process said that "other bidders are circling around the club." In its statement, KSE UK said, "KSE UK Inc notes the recent media speculation concerning its shareholding in Arsenal Holdings PLC and confirms that its shares are not, and never have been, for sale. KSE is a committed, long-term investor in Arsenal and will remain so" (FT, 5/22). The PA reported Arsenal is facing up to a multi-million pound "drop in revenue after failing to qualify for the Champions League" but the statement of intent from KSE indicated Kroenke is "at the Emirates Stadium for the long haul." Arsenal may have "come up short in the Premier League but could yet win what would be a third FA Cup in four seasons" when it plays Chelsea at Wembley on Saturday. The future of Manager Arsène Wenger also "remains unresolved." Wenger chose not to join his players on the "traditional lap of appreciation" on Sunday but offered support to Kroenke in his post-match press conference. Wenger said, "I respect Stan Kroenke a lot. He is not at fault if we did not reach the Champions League. It is the technical department who is responsible for that" (PA, 5/22).

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