Kroenke strikes deal to buy Usmanov's stake in Arsenal FC

London  :  US sports mogul Stan Kroenke, who owns a controlling stake in the London-based Arsenal Football Club, has struck a deal to buy Russian metals magnate Alisher Usmanovs 30 per cent share, according to a media report on Tuesday.

The Independent wrote earlier that Kroenke, who purchased a 67 per cent share in Arsenal in 2007, launched a "takeover bid to assume full control of Arsenal after securing the backing of minority shareholder Alisher Usmanov", reports Tass news agency.

According to the Financial Times, the deal worth 550 mln pounds (over $711 mln) will give Kroenke "sole ownership" of the football club.

The Financial Times said in July that Usmanov was "actively exploring a sale of his stake in Arsenal, accepting that the London-based football club's majority owner, the US sports mogul Stan Kroenke, will never sell control to him." 

The newspaper added that in October 2017, Usmanov had turned down a 525 mln pound ($679 mln) offer from Kroenke to acquire his shareholding.

Following the deal, Arsenal's net worth reached 1.8 bln pounds (more than $2.3 bln).