Stan Kroenke has made a huge cash offer to buy Arsenal in a deal that values the club at around £1.8BILLION.
The Gunners’ majority owner made the bid after securing the backing of minority owner Alisher Usmanov, who tried to buy Kroenke out of his shares last season with a £1bn offer.
American billionaire Kroenke, 71, already owns 67 per cent of the club.
Usmanov will receive £550million for his shares based on their price of £29,419.64 each.
Kroenke said in a statement to the London stock exchange that he thought Arsenal would benefit from being taken private.
He said: “We at KSE are moving forward with this offer leading to 100 percent ownership of the club.
“We appreciate Mr Usmanov’s dedication to the Arsenal Football Club and the storied ethos and history the club represents.”
It was revealed in July that Russian Usmanov, 64, was considering selling his 30 per cent share of the Gunners .
A power struggle between the pair has been ongoing for the last eight years as both bigwigs aimed to become the man in charge.
Usmanov hit a brick wall in his attempts to persuade Kroenke – nicknamed Silent Stan by fans – to engage in meaningful takeover talks.
He found Kroenke – who also owns the Denver Nuggets and Los Angeles Rams – completely unwilling to talk despite repeated attempts to communicate.
Arsenal are entering a new era in their history having parted ways with Arsene Wenger in the summer after 22 years in charge.
But sections of supporters want Kroenke to follow the Frenchman out of the club.
Arsenal fans flew a banner over the Kirklees Stadium during Wenger’s final game, reading: “Kroenke – you’re next!!”
Unai Emery took over as Arsenal boss in May and faces a challenge to break into the Premier League top-four this season.
He faces a baptism of fire against champions Manchester City on Sunday at the Emirates.