Alisher Usmanov has released a short statement confirming that he is selling his stake in Arsenal to majority shareholder Stan Kroenke.
The Uzbek-born billionaire currently holds 18,695 shares in the club (30.04%) but is accepting an offer of £29,419.64 per share from the American, which will net him upwards of £550 million; a profit of around £300 million on his initial investment.
Usmanov’s statement reads: “I have decided to sell my shares in Arsenal Football Club, which could be the best football club in the world.
“I wish great success to this wonderful football club and to everyone whose life and career are connected with it.”
It remains unclear why Usmanov has chosen to sell his shares at this particular time, although the decision has upset the Arsenal Supporters’ Trust who’ve labelled it a ‘dreadful day’ for Arsenal. As recently as last October, Usmanov had claimed he wasn’t overly interested in selling his shares.
There had been rumours that he might join his former Red & White Holdings partner Farhad Moshiri in investing in Everton, but according to the BBC, he has no intention of doing that. He’s also been linked with a purchase of AC Milan.
For more on what happens next, check out our short Q&A with Phil Wall of the AST.