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Usmanov agrees to sell his stake in Arsenal

| Tuesday, 07 August 2018 0comments  |  Jump to last
Alisher Usmanov, the Uzbek-born billionaire who has been tipped to join his long-time business partner, Farhad Moshiri, at Everton, has finally agreed to sell his 30% stake in Arsenal.

The Gunners' majority shareholder, Stan Kroenke, has "received an irrevocable undertaking from [Usmanov's] Red and White Securities to accept the offer," according to a statement, ending a long battle by Usmanov to find a way onto the board of directors at the Emirates Stadium. The deal was due to be completed this afternoon.

Usmanov, one of the richest men in the world, doubled his holdings in Arsenal when he purchased Moshiri's 15% stake in 2016 and continued to seek influence in the club by getting a seat on the board.

As Kroenke continued to shut him out of any say in the running of the club, speculation has built that Usmanov might pull his cash out and head north to Everton to partner with Moshiri in rebuilding the Blues.

Rumour has been rife for much of the year that Bill Kenwright and Jon Woods would sell their remaining shares in Everton with Usmanov stepping in.

With Usmanov insistent for so long that he would never sell to Kroenke, a reunion with Moshiri at Goodison Park now becomes a distinct possibility if he does not decide to pull his money out of the United Kingdom altogether in light of heightened tensions with Russia.

It is also possible that he could invest in Everton in a more unofficial capacity by providing money for the proposed new stadium at Bramley-Moore Dock, the funding model for which remains unresolved, or a sponsorship arrangement.

Through a spokesman, the tycoon said he was not selling his stake in Arsenal in order to invest further in Everton — his USM Holdings company which he jointly oversees with Moshiri, is already a sponsor of the Blues' training Halewood training complex, Finch Farm.

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