Stan Kroenke has reportedly made a bid of almost £525million to buy out Alisher Usmanov at Arsenal .
Majority shareholder Kroenke currently owns 67 per cent of Arsenal's shares and if he were to buy out Usmanov's 30.4 per cent stake, that would increase his shareholding to more than 97 per cent.
Usmanov is the second-largest shareholder at the Emirates and has unsuccessfully tried a number of times to take over the club from the American.
The last of these attempts occurred last May, but the Guardian now report that Kroenke has offered £28,000 per share in order to buy out the Russian.
Should Kroenke succeed then he would be in a position to hoover up the remaining shares owned by minority shareholders, which could see Arsenal become a privately owned business.
That in turn would mean the club would no longer need to publish their accounts or hold an AGM, leading to fears from fans over a lack of transparency. Another concern would be Kroenke's ability to use the club as leverage in deals, like the Glazer family did at Manchester United.
Rumours over Usmanov's future at Arsenal have continued to circulate in recent weeks, with suggestions that he will follow former Gunners shareholder Farhad Moshiri to Everton.