Arsenal shareholder Alisher Usmanov has made a bid of $1.3bn for Stan Kroenke's 67% stake in the north London club, looking to take over the Premier League giants depsite - or perhaps because of - recent struggles at the Emirates.
The Financial Times report that the metals magnate made a bid worth £1bn for Kroenke's stake in the club, with the Telegraph's Jeremy Wilson later confirming that the offer was rejected, but remains on the table.
Alisher Usmanov makes $1.3bn bid to take control of Arsenal FC https://t.co/nVYJ1VUNwk— Financial Times (@FinancialTimes) May 19, 2017
Usmanov currently owns 30 per cent of Arsenal's shares, but has no say on club policy, transfers or financial decisions.
Arsenal was valued at $2bn when the approach was made a month ago. And Kroenke, having failed to provide a formal response, has indicated by word of mouth that he isn't considering giving up his share.
A source close to the parties told FT: