Alisher Usmanov confirms £550m sale of Arsenal shares to Stan Kroenke

His 11-year association with the Gunners has come to an end.

Arsenal’s majority owner Stan Kroenke has had a bid accepted by the club’s second largest shareholder Alisher Usmanov to complete a full takeover at The Emirates.

Kroenke has offered to buy Usmanov’s 30 per cent stake in a deal that values Arsenal at £1.8 billion and The Telegraph can confirm that Usmanov has already decided to accept these terms.

The Kroenke statement also says that Kroenke Sports Entertainment, a company wholly owned by Kroenke, has received an irrevocable undertaking from Red and White Securities – the company owned by Usmanov – to accept the offer for his 18,685 shares.