Arsenal owner Stan Kroenke rejected Alisher Usmanov’s £1billion takeover offer because he wants to remain in control of the club for the long term and is determined to restore Arsenal to being Premier League champions, as well as making them a force in Europe.
Sources close to Kroenke have said that the money he would have made isn’t an issue as he wants to see the club grow and wants to oversee future success.
Usmanov, a metals magnate who owns 30 per cent of Arsenal, made the offer earlier this month and though there has been no formal response, it is understood that Kroenke, who controls a 67 per cent stake, has rejected it.
When Kroenke originally took a controlling stake in the club in 2011 it was valued at £731m, and Usmanov’s offer valued it at £1.54bn but despite the increase, Kroenke wants to stay, which will mean overseeing the succession to Arsene Wenger in the next few years.
