Stan Kroenke is set to take complete control of Arsenal after putting together a takeover deal valuing the club at £1.8billion.
The American is the majority shareholder at the Emirates and has launched an "all-cash" offer to acquire 100 per cent control, with Alisher Usmanov agreeing to sell his 30 per cent stake in the club.
Usmanov, who has made several attempts to buy out his rival in the past, will receive £550million for his stake and has given the move his backing.
A statement from his company, Kroenke Sports Entertainment (KSE), read: "KSE UK is pleased to announce the terms of its all-cash offer to acquire the entire issued and to be issued ordinary share capital of Arsenal Holdings PLC other than the Arsenal Shares already held by KSE.
"KSE, a Delaware corporation wholly-owned by Mr E. Stanley Korenke, currently holds 41,743 Arsenal Shares, representing approximately 67.09 per cent of the existing issued share capital of Arsenal."
Kroenke has received "an irrevocable undertaking" from the Uzbek-born Russian billionaire to sell his 30 per cent stake in the club.
A declaration from Kroenke states: “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.”
Usmanov, despite being the second-largest shareholder and owning 91.3 per cent of all shares not currently held by KSE, has never been given a seat on the club’s board.
Kroenke will pay £29,419.64 in cash per Arsenal share to take complete charge through his company, which also owns the NFL’s LA Rams, NBA’s Denver Nuggets, NHL’s Colorado Avalanche and MLS side Colorado Rapids.
Kroenke currently holds 41,743 Arsenal shares, approximately 67.09 per cent of the club, having launched an initial takeover attempt in 2011, an attempt blocked by Usmanov.
KSE had made an offer of around £525million to buy the 18,695 shares held by Usmanov’s Red and White Securities Limited in October, but saw that bid rejected.
The buy-out announcement was made to the London Stock exchange on Tuesday morning.
The statement added: "KSE’s ambitions for the club are to see it competing consistently to win the Premier League and the Champions League, as well as the major trophies in the women’s senior game and at youth level.
KSE also stated that since "its stewardship since 2011 the club has invested in major transfers, player contracts, analytics, senior non-playing football management employees" and it "expects the club to build on those investments".
Arsenal get their Premier League campaign underway against Manchester City on Sunday, in Unai Emery’s first competitive fixture at the club.
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