Kroenke first launched a bid for the club in April 2007, and faced competition for shares from Red and White Securities, which acquired its first shares from David Dein in August 2007. Red & White Securities was co-owned by Russian billionaire Alisher Usmanov and Iranian London-based financier Farhad Moshiri, though Usmanov bought Moshiri's stake in 2016. Kroenke came close to the 30% takeover threshold in November 2009, when he increased his holding to 18,594 shares (29.9%). In April 2011, Kroenke achieved a full takeover by purchasing the shareholdings of Nina Bracewell-Smith and Danny Fiszman, taking his shareholding to 62.89%. In May 2017, Kroenke owned 41,721 shares (67.05%) and Red & White Securities owned 18,695 shares (30.04%). In January 2018, Kroenke expanded his ownership by buying twenty-two more shares, taking his total ownership to 67.09%. In August 2018, Kroenke bought out Usmanov for £550m. Now owning more than 90% of the shares, he had the required stake to complete the buyout of the remaining shares and become the sole owner. There has been criticism of Arsenal's poor performance since Kroenke took over, which has been attributed to his ownership. Ivan Gazidis was the club's Chief executive from 2009 to 2018. Arsenal's parent company, Arsenal Holdings plc, operates as a non-quoted public limited company, whose ownership is considerably different from that of other football clubs. Only 62,219 shares in Arsenal have been issued, and they are not traded on a public exchange such as the FTSE or AIM; instead, they are traded relatively infrequently on the ICAP Securities and Derivatives Exchange, a specialist market. On 29 May 2017, a single share in Arsenal had a mid price of £18,000, which sets the club's market capitalisation value at approximately £1,119.9m. Most football clubs are not listed on an exchange, which makes direct comparisons of their values difficult. Consultants Brand Finance valued the club's brand and intangible assets at $703m in 2015, and consider Arsenal an AAA global brand. Business magazine Forbes valued Arsenal as a whole at $2.238 billion (£1.69 billion) in 2018, ranked third in English football. Research by the Henley Business School ranked Arsenal second in English football, modelling the club's value at £1.118 billion in 2015. Arsenal's financial results for the 2019–20 season showed an after tax loss of £47.8m, due in part to the impact of the COVID-19 pandemic. The Deloitte Football Money League is a publication that homogenises