U.S. investor, Stan Kroenke, has placed a bid worth £500 million to buy the 70% stake that he does not already own of Premier League club, Arsenal, The Guardian reports. Kroenke’s bid to take full control of Arsenal values the club at £731 million. Kroenke is not using the club’s assets as security to raise money for the acquisition. Russian billionaire, Alisher Usmanov, who has a 27% stake in the club, made an offer worth £1,250 a share more than Kroenke’s to Nina Bracewell-Smith for her shares, which she rejected. Kroenke’s offer was accepted by the 16.1% club shareholder, Danny Fiszman, and the 15.9% shareholder, Bracewell-Smith. Kroenke will get access to Arsenal’s unrestricted cash reserve.
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