Majority owner Stan Kroenke has made an offer to buy Arsenal outright, valuing the club at around £1.8bn after securing the backing of minority owner Alisher Usmanov.
The American billionaire currently owns 67 per cent of the club through his company Kroenke Sports & Entertainment and has offered to purchase the remaining 30 per cent held by Usmanov’s Red and White Securities firm.
In a statement published on the London Stock Exchange, Kroenke said: “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.”
The Financial Times reported in July that Usmanov was exploring the the sale of his stake in Arsenal to Kroenke after failing in his attempts to take full ownership of the club.
Kroenke also owns NBA team Denver Nuggets and NFL franchise Los Angeles Rams.