Africa's richest man, Aliko Dangote, has failed in his bid to purchase English Premier League football club, Arsenal. Not only are they about to embark on a new Premier League season with a new manager for the first time in over two decades, but there could soon be a change in the club's ownership as well.
In October past year KSE offered around £525million to buy the 18,695 shares held by Usmanov, the Russian businessman who himself attempted to buy-out Kroenke in May 2017.
The American's company, Kroenke Sports and Entertainment (KSE), now owns 67 per cent of the Gunners and has offered to purchase the 30 per cent held by Alisher Usmanov's Red and White Securities firm for a fee in excess of £550million - an offer which Usmanov has agreed to.
The buy-out announcement was made to the London Stock exchange on Tuesday.
The Arsenal Supporters' Trust said the news marked "a terrible day for Arsenal Football Club".
Supporters of the club described the bid by Kroenke to take full ownership as "dreadful" in part because fans will no longer be able to hold shares in the business.
Kroenke's offer values Arsenal at £1.8bn but is only slightly more than the offer Usmanov turned down only a few months ago.
The motion, proposed by Brian Sedgemore MP, read: 'This House believes that Arsenal is the best club football team in the world at the moment and admires them for the fluency and poetry that they have brought to the attractive game'.
'Many of these fans are AST members and hold their shares not for value but as custodians who care for the future of the club.
Arsenal: Shareholder Alisher Usmanov says he accepts rival Stan Kroenke's bid for club
Kroenke and Usmanov have been battling for supremacy at the Emirates for years and the Russian billionaire could not resist a parting dig as he finally admitted defeat.
New manager Unai Emery, who joined from Paris St Germain, will be given a baptism of fire this weekend when Arsenal kick off their new season against Manchester City. That will in turn also allow him to force the remaining smaller shareholders to sell their shares, giving him 100 percent ownership of the club.
"The financial viability of the deal must also be carefully examined, especially if the club will be purchased via a loan".
So, who is Kroenke and how long has he been involved with Arsenal?.
It's fair to say, Arsenal Fan TV isn't everyone's cup of tea but judging by the millions of views it receives across social media, the channel is compulsive viewing for many.
"The AST is wholly against this takeover which marks a very sad day for Arsenal football club".
The key point there really is that the takeover would be funded by a loan - which is a dreaded four letter word for some of the world's biggest football clubs these days.
In Wenger's final season, Arsenal finished sixth in the Premier League as they missed out on the Champions League but qualified for the group stages of the Europa League.
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