Corbyn concerned about Kroenke's takeover of Arsenal

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"- The Arsenal Supporters' Trust in response to the announcement by Arsenal's majority shareholder, American Stan Kroenke, that he has offered 600 million pounds ($788 million) to buy the 30 percent interest in the EPL club owned by Russian Alisher Usmanov.

The move would make Kroenke the controlling stakeholder at the club, and as a result existing shareholders would be legally obliged to sell their shares to the American billionnaire.

"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", it said.

KSE said that since "its stewardship since 2011 the club has invested in major transfers, player contracts, analytics, senior non-playing football management employees" and it "expects the club to build on those investments".

They have not won the title since 2004 and a year ago finished sixth, 37 points behind champions Manchester City.

Speaking ahead of this week's news that Arsenal owner Stan Kroenke (or Silent Stan to some of his Arsenal critics) will increase his majority stake in the club, Lyle expressed his reservations about the United States billionaire and his plans for the Gunners.

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The Gunners start their Premier League campaign against champions Manchester City on Sunday.

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

"The Arsenal Supporters' Trust is wholly against this takeover", one fans' group said.

He was critical of Kroenke's passive ownership style, a sentiment increasingly echoed by Arsenal fans, unhappy with what they see as the board's willingness to settle for on-field mediocrity so long as commercial stability was maintained. It should - in theory - prove a sound business model.

A statement from Kroenke Sports & Entertainment said it has "received an irrevocable undertaking from [Usmanov's] Red and White Securities to accept the offer".

Later on Tuesday, Red and White Holdings released their own short statement to confirm the deal.

Apart from Arsenal, Kroenke's "family portfolio" of assets also include NFL side Los Angeles Rams, the NBA's Denver Nuggets, the NHL outfit Colorado Avalanche, MLS side Colorado Rapids and Colorado Mammoth of the National Lacrosse League. He will now buy out the remaining independent shareholders at 29,000 pounds for each of its rarely traded shares - more than the average salary for a British worker.

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