Stan Kroenke has made an offer to buy Arsenal, in a deal that values the club at £1.8 billion ($2.3bn).
Kroenke is the majority shareholder at the Emirates Stadium but has now made an offer to buy Alisher Usmanov's 30 per cent stake in the club, thus giving him full control.
Usmanov has made a number of attempts to buyout Kroenke's share, but will now receive £550m ($712m) for his stake.
A statement from Kroenke read: “We at KSE are moving forward with this offer leading to 100 per cent ownership of the club.
“We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the Club represents.