July 24, 2018 / 6:42 AM / 3 months ago

Russian billionaire Usmanov explores sale of 30 percent Arsenal stake - FT

July 24 (Reuters) - Russian tycoon Alisher Usmanov is exploring a sale of his 30 percent stake in English football club Arsenal, the Financial Times reported on.ft.com/2Lx1Yb6 on Tuesday, citing sources familiar with the billionaire's thinking.

Usmanov had previously made a $1.3 billion offer to buy out the club’s majority owner Stan Kroenke, but Kroenke’s KSE (Kroenke Sports & Entertainment) UK Inc said its shares in the Premier League club were not for sale.

Usmanov has given up all hope of acquiring the club outright, according to the sources.

Both Arsenal and a representative for Usmanov were not immediately available to comment. (Reporting by Shubham Kalia in Bengaluru Editing by Saumyadeb Chakrabarty)

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