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Arsenal Legend Ian Wright Blasts 'Absolutely Disastrous' Stan Kroenke Takeover

Arsenal Legend Ian Wright Blasts 'Absolutely Disastrous' Stan Kroenke Takeover

"I wish all the best and great success to this wonderful football club and to all those whose lives and careers are entwined in it". Not only are they about to embark on a new Premier League season with a new manager for the first time in over two decades, but there could soon be a change in the club's ownership as well.

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

The £550-million ($708.5-million) buy-out will see Kroenke assume full control of the north London football club.

Usmanov confirmed in a statement released to Britain's Press Association that he had accepted the offer but did not give a reason as to why he has now opted to cash in.

Supporter groups have cried out, calling this a "dreadful day" for the Gunners - but would the move actually benefit the club on the pitch?

"Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values", it said in a statement.

Kroenke now competes against the billionaire owners of other clubs such as Chelsea's Roman Abramovich, Manchester United's Glazer family and Sheikh Mansour bin Zayed al-Nahayan, who owns last season's runaway winners, Manchester City.

The motion, proposed by Brian Sedgemore MP, read: 'This House believes that Arsenal is the best club football team in the world at the moment and admires them for the fluency and poetry that they have brought to the lovely game'. The problem the club's fans have with this move, however, is that it means they will no longer hold any shares.

Arsenal Legend Ian Wright Blasts 'Absolutely Disastrous' Stan Kroenke Takeover

"The successful implementation of the offer will result in the opening of a new chapter in the history of the club in bringing 100 per cent private ownership by KSE".

The America tycoon's move to obtain complete control of the club signals the end of Arsenal's long tradition of financial accountability and transparency by having supporter shareholders.

Kroenke and Usmanov have been battling for supremacy at the Emirates for years and the Russian billionaire could not resist a parting dig as he finally admitted defeat.

Rosena Allin-Khan MP, Labour's shadow sports minister, added: 'The sale of any football club - particularly one of the size and stature of Arsenal Football Club, must take fans into consideration.

After Arsene Wenger announced he would be stepping down as Arsenal manager after 22 years, Corbyn posted a heartfelt tribute on social media.

So, who is Kroenke and how long has he been involved with Arsenal?

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"The AST is wholly against this takeover".

Kroenke dismissed concerns of fans who last saw the team win the Premier League in 2004 and finish sixth last season to miss out on the Champions League.

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