Alisher Usmanov makes $1.3bn bid to take control of Arsenal FC

Arsenal are sitting in fifth place in the Premier League and face the prospect of failing to qualify for the Uefa Champions League for the first time in two decades as the season comes to an end on Sunday. The club stands to lose out on about £50m in revenue if it misses the European tournament. Arsenal’s disappointing performance has generated frustration among supporters and increased the tensions between fans and Mr Wenger. Many, disenchanted with the club’s form in recent seasons, have accused Mr Kroenke of being an absentee owner. Two people following the process closely said that other bidders were circling. Mr Usmanov is not planning on disposing of his stake and the offer to buy out Mr Kroenke came from a desire to work cooperatively and strengthen the team, one of these people said. Mr Usmanov, who was born in what is now Uzbekistan, first acquired shares in Arsenal in 2007, when he teamed up with Anglo-Iranian businessman Farhad Moshiri to buy a 14.6 per cent stake for £75m. Last year, Mr Usmanov increased his stake to 30 per cent, buying out Mr Moshiri, who went on to buy rival club Everton. Mr Kroenke also bought into Arsenal in 2007 and became majority shareholder four years later. Arsenal Holdings made a pre-tax profit of £2.9m in 2016, on revenue of £353.5m.

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