Kroenke makes cash offer to take control of Arsenal

US sports mogul Stan Kroenke has made a cash offer to buy Arsenal in a deal that values the English Premier League club at £1.8bn.

Mr Kroenke, who owns 67.09% of Arsenal through KSE UK, has received "an irrevocable undertaking" from Russian billionaire Alisher Usmanov to sell his 30% stake in the club.

Mr Usmanov will receive £550m for his holding, based on the share price of £29,419.64.

Despite being the club's second-largest individual shareholder, Mr Usmanov had grown frustrated at not been given a seat on the board and has made several attempts at buying out Mr Kroenke's majority stake.

Mr Usmanov has been critical of Mr Kroenke's running of the club on and off the field. He blamed the US billionaire for the club's poor performance and lack of investment in players.

Arsenal finished sixth in the league and missed out on a place in the Champions League last season.

In May last year, Mr Usmanov made a $1.3bn (£1bn) offer to buy out his rival shareholder but that was rejected.

In October, Kroenke Sports Enterprise UK (KSE (BSE: 519421.BO - news) ) offered around £525m to buy the 18,695 shares held by Mr Usmanov's Red and White Securities Limited. That offer was declined.

Mr Kroenke, who owns the Los Angeles Rams American Football team and Denver Nuggets basketball teams, said: "We at KSE are moving forward with this offer leading to 100% ownership of the Club.

"We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the Club represents."

"KSE believes moving to private ownership will bring the benefits of a single owner better able to move quickly in furtherance of the club's strategy and ambitions. KSE is a committed, long-term owner of the Club."

The deal comes at a crucial time for the North London club, which embarks on life without long-time manager Arsene Wenger, who stepped down in April after 22 years in charge.

Unai Emery has been charged with returning the club to the summit of the league but he faces stiff competition from Pep Guardiola's Manchester City, Jurgen Klopp's Liverpool and Jose Mourinho's Manchester United (NYSE: MANU - news) .

The club last won the Premier League in 2004.