London, August 7: Arsenal majority shareholder Stan Kroenke has tabled an offer for the club's remaining shares that values the Gunners at £1.8billion after receiving backing from minority owner Alisher Usmanov.
Kroenke, who also owns the US Denver Nuggets basketball team and the Los Angeles Rams American Football team, said in a statement to the London stock exchange that he wanted to take Arsenal private to be better able to pursue its strategy.
The move comes at a crucial time for the north London club which is embarking on life without long-time manager Arsene Wenger who stood down in April after 22 years in charge.
"We at KSE are moving forward with this offer leading to 100 per cent ownership of the club," Kroenke said in a statement.
"We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents."
Kroenke, who already owns 67 per cent of Arsenal, said he had received an irrevocable undertaking from Usmanov to sell his 30 per cent stake and would buy out the remaining independent shareholders.
The club, under new manager Unai Emery, faces a battle to return to the summit of English football as the competition among the Premier League's top six clubs has never been greater.
The new league kicks off on Friday night with Pep Guardiola's Manchester City, Juergen Klopp's Liverpool and Jose Mourinho's Manchester United all expected to set the standard.
Arsenal begin life under new manager Emery with a tough home against champions Manchester City on Sunday (August 12).
The following week, they play an away game against former champions Chelsea at Stamford Bridge on August 18.
(With inputs from OPTA and other Agencies)