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 reports state that Usmanov has accepted the terms of the bid and will now receive £550m ($712m) for his stake.
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.