Alisher Usmanov, minority stakeholder in Arsenal, has made a $1.3Bn to buy out Stan Kroenke, the Financial Times are reporting.
The Russian Oligarch currently owns a 30% stake in Arsenal but has signalled his intent to take full control of the club, ousting Kroenke in the process.
Arsenal are valued at $2Bn and Usmanov’s offer to Kroenke for his 67% majority stake in the club remains on the table, with the US sports mogul yet to respond.
Kroenke was open to the idea but is believed to have changed his stance and is unwilling to sell to Usmanov or any other interested party.
“Two weeks ago, I thought something could realistically happen. Now I am not so sure,” a person close to the situation said.
The two figureheads at Arsenal are believed to have been at loggerheads for some time over the direction of the club, and many fans have voiced their displeasure towards Kroenke about where the club are heading under his ownership.
Speaking with Bloomberg lat month, Usmanov openly criticised Kroenke and the Arsenal board by stating the club’s failures this season don’t solely lie at the feet of manager Arsene Wenger but with Kroenke and the board, and the Russian is growing increasingly concerned with the lack of investment.
Arsenal are set to miss out on Champions League football and around £50m in revenue as a result which will hinder the Gunners in the transfer market.
Usmanov first acquired shares in Arsenal in 2007, when he teamed up with Farhad Moshiri to purchase a 14.6% stake for £75m. He increased his stake to 30% last year when he bought out Moshiri’s stake.
While their appears to be no movement on Kroenke’s stance, Usmanov’s intentions are clear and he’s eager to take over Arsenal and take them forward.