16:27, 21.Jul 2018
Stan Kroenke is set to complete an incredible takeover of Arsenal that will see the overall value of the club stand 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.
And Goal understands that Usmanov has accepted the terms of the bid and 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.”
Kroenke's company, KSE, added: "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 first took a share in Arsenal in 2007, and has gradually grown his stake in the club, which currently stands at 67%.
The sports mogul, who has a net worth of $8.1bn (£6.13bn), will pay £29,419.64 in cash for each share.