What was seen as speculation has finally come to reality. Stan Kroenke, the Arsenal majority shareholder has agreed to pay £550 million for the purchase of the 30% stock owned by Alisher Usmanov.
This will see the American businessman own more than 90% of the club thereby resulting to the compulsory purchase of the remaining three percent belonging to Arsenal fans who own the shares not to make profit but to ensure that they continue to have a say in the running of their dear club.
Unfortunately, the acquisition by Kroenke will mean he is no longer answerable to anyone. He can run things the way he wants even if the fans will frown at it.
Reacting to the new development, the Arsenal Fans' Trust expressed disappointment over Kroenke's ambition terming it 'legalised theft'.
‘This news marks a dreadful day for Arsenal FC. The most dreadful part is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans.
‘Many of these fans are our 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.'
Lady Nina Bradwell-Smith, a former shareholder at Arsenal who sold her shares to Kroenke in 2011 tweeted that it is a sad day for Arsenal Football club.
Kroenke has however defended his move by saying that going private will do the club no harm but help enhance quick goal attainment.
Several Arsenal fans have lashed at Kroenke in the past as they feel he is more concerned about his own personal gains, not the club's success.
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