Arsenal's majority shareholder, Stan Kroenke, has once more made a move to buy out rival Alisher Usmanov as he seeks complete control of the Gunners.
The billionaire pair have long been on opposite sides of a power battle at the Emirates Stadium, with little chance of the duo ever coming together harmoniously in north London.
Usmanov saw a £1billion takeover move in May pushed back and now Kroenke has made his own attempt with a £525million move - while the Arsenal Supporters' Trust urges Usmanov not to sell his 30 per cent stake.
But what exactly could this offer mean for the Gunners? Below, Football.London take a look at everything we know so far.
How much is the offer?
Stan Kroenke has made an offer of £525m for Alisher Usmanov’s shares, which total 30.04 per cent.
That breaks down as around £28,000 a share.
The last Arsenal share which traded went for £21,000.
Has Usmanov responded?
As yet there has been no response from Usmanov to Kroenke’s offer.
How much of Arsenal does Kroenke own?
As it stands, Kroenke owns 67.05 per cent of Arsenal, should Usmanov agree to sell his stake to the American, he would the own more than 97 per cent of the club.
And so what does that mean?
Right now Stan Kroenke obviously wields most of the power at Arsenal anyway, but this would put him in a totally dominant position.
With a shareholding of that magnitude, he could take the club private. Forcing the remaining minority shareholders to sell to him and delist the shares.
There would be no obligation to hold an AGM, any club accounts that would have to be produced could be done with far less detail than current club accounts provide.
Kroenke could register Arsenal in the US, most likely Delaware, along with the other franchises in KSE holdings.
So the transparency and accountability that currently exists at Arsenal would all bit disappear - it could also allow Kroenke to use Arsenal as leverage for his other businesses.
Could Usmanov be tempted?
Previously, the Russian has always stated that he has invested in Arsenal for the long-term, but the situation he finds himself in will be incredibly frustrating.
He has spent around £400m buying shares - yet has no power whatsoever. He makes no profit on that investment, has no seat on the board and can’t influence any decisions that are made.
So he might believe, having been told by Kroenke that he is not selling, that the time is right to cash in and take his money elsewhere.
Could that be Everton?
That’s the logical conclusion to make.
Farhad Moshiri, who was originally Usmanov’s partner in Red & White Holdings when it first bought shares in Arsenal, sold his stake so he could take control at Everton.
Since then one of Usmanov’s companies, USM, signed a five-year deal to sponsor the Merseyside club’s training ground.
When might we hear from Kroenke?
Arsenal’s AGM is due to be held later this month (October 26th) at the Emirates, with Kroenke set to be present.
The American has addressed the AGM before - although not every year - and shareholders are also given the opportunity to ask questions, which are submitted before the event.