Arsenal majority shareholder Stan Kroenke makes a cash offer to buy Arsenal outright

Majority owner Stan Kroenke has made a cash offer to buy Arsenal outright, valuing the club at around £1.8bn after securing the backing of minority owner Alisher Usmanov.
The American billionaire currently owns 67 per cent of the club through his company Kroenke Sports & Entertainment and has offered to purchase the remaining 30 per cent held by Usmanov's Red and White Securities firm.

In a statement published on the London Stock Exchange, Kroenke said: "We at KSE are moving forward with this offer leading to 100 per cent ownership of the club. We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents."

Kroenke's company says it has received an irrevocable undertaking from Usmanov's firm to accept the offer as soon as possible, with a deadline of 3pm on Tuesday set.

Kroenke believes private ownership will allow the club to develop and adapt at a faster rate as they look to compete with the growing competition in the Premier League.