Arsenal shareholder Alisher Usmanov has launched a takeover bid - to the tune of over $1 billion.
The 63-year-old currently owns 30 per cent of the club through Red & White Holdings and has made a move to wrestle a further 67 per cent away from majority shareholder Stan Kroenke.
FT.com reports Usmanov, the Russian billionaire who owns a minority stake in Arsenal football club, has in recent weeks made a $1.3bn bid to buy out his rival shareholder in the English Premier League team, according to three people close to the situation.
Usmanov, a metals magnate who owns 30 per cent of Arsenal, conveyed the offer in a letter to Stan Kroenke, the US sports mogul, who controls a 67 per cent stake. The approach, made last month, valued the club at $2bn. Mr Kroenke has yet to formally respond.
He is understood not to have dismissed the idea out of hand at first. However, he has since informally indicated he is not interested in selling to Mr Usmanov or anyone else. “Two weeks ago, I thought something could realistically happen. Now I am not so sure," a person close to the situation said.
The approach reignites the bitter feud between the two men over the direction of the club.
Two people following the process closely said that other bidders were circling. Usmanov is not planning on disposing of his stake and the offer to buy out Kroenke came from a desire to work co-operatively and strengthen the team, one of these people said.