Fencing Federation President Foiled in Takeover Bid

(ATR) International Fencing Federation president Alisher Usmanov looks set to remain only a minority owner of English Premier League club Arsenal.

American billionaire Stan Kroenke says he has no intention of selling his majority interest in the English Premier League club Arsenal.

His company, Kroenke Sports and Entertainment, released a short statement after widespread reports that Usmanov offered $1.3 billion for Kroenke’s 67 percent stake in the London club. Usmanov currently owns 30 percent of the shares but has no say in the decisions made by the club.

In the statement, KSE confirmed that its shares "are not, and never have been, for sale" and that the company "is a committed, long term investor in Arsenal and will remain so."

The news will leave some Arsenal supporters less than enthused. Kroenke is being blamed along with under-fire manager Arsene Wenger for the club failing to qualify for the lucrative Champions League for the first time in 21 years under Wenger.

Support for Wenger has been waning with each passing year. Despite the impressive record of qualifying for the Champions League, Arsenal has not made it past the round of 16 in the competition for the past seven seasons. The club has also not won a Premier League title since the 2003-04 season.

Arsenal can still win the FA Cup, England’s top cup competition, for a third time in four seasons if they defeat Chelsea in the final this weekend.

Homepage photo: FIE

Written by Gerard Farek

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