Stan Kroenke now owns almost 100% of the Arsenal shares following his successful buyout of Alisher Usmanov.
The American businessman has, as well as the stake-holding of the Russian, hoovered up 1046 shares from small shareholders who either chose to sell without fuss before having their shares compulsorily purchased as per takeover rules.
Kroenke update. Now owns 98.8% of Arsenal.
1,046 shares – aside from Usmanov's stake – have been sold to Kroenke since the offer earlier this month.
He'll now compulsory buy the remaining shares to secure 100% of #afc
— Rob Harris (@RobHarris) August 28, 2018
In a statement which confirms the compulsory purchase, KSE UK, INC say:
Compulsory acquisition Having received acceptances of the offer in respect of not less than 90 or cent of Arsenal Shares to which the Offer relates, KSE has exercised its rights pursuant to the provisions of Chapter 3 of Part 28 of the 2006 Act to acquire compulsorily all Arsenal Shares not assented to the Offer on the same terms as Offer. Notices in respect of the compulsory purchase acquisition sent on 13 August 2018 to all Arsenal Shareholders who had not accepted the offer.
It means that those who held out will be paid the offer price of £29,419.64 per share and Kroenke will own 100%, and Arsenal Football Club will become part of the KSE portfolio of sports franchises.
Some may think this is big business, the way of the world and of football these days, but for many owning a part of Arsenal was not about money or making profit, it was a way of feeling connected to the club.
It’s worth reading some of the responses sent to the Arsenal Supporters Trust in the wake of Usmanov’s decision to sell to Kroenke, they illustrate what it means to people to be Arsenal shareholders.
Or we should say, sadly, what it meant to be Arsenal shareholders.
Arseblog News also understands that despite KSE saying no changes would be made to the board structure following the takeover, that over the coming months the make-up of the Arsenal board will be altered significantly.
It should be expected that Josh Kroenke will become more involved, and some of the more senior members of the current board will likely be replaced by KSE appointments, while the future of Ivan Gazidis remains unclear as he continues to be courted by AC Milan.
Watch this space.