American billionaire Stan Kroenke has moved a step closer to becoming the sole owner of former English Premier League champions Arsenal.

This following the announcement that Russian minority shareholder Alisher Usmanov will accept Kroenke’s offer to buy his 30% stake in the club for £550 million.

“I have decided to sell my shares in Arsenal, which could be the best football club in the world,” he said.

Acquiring Usmanov’s shares for £550m means remaining shareholders would be legally obliged to sell theirs to Kroenke who owns 67% of Arsenal through his company KSE.

In the offer document, each of Arsenal’s 62,217 shares are valued at £29,419.64.

KSE currently has 41,743 of those, with Usmanov holding a stake of 18,695, which would be worth £550m under the offer.

Acquiring Usmanov’s shares would move KSE past the 90% threshold at which, under the Companies Act, they would be able to compulsorily purchase the remaining 1,779 shares, which are valued at £52.3m.

The KSE statement to the London Stock Exchange said taking the club private will help to further Arsenal’s “strategy and ambitions”.

“KSE’s ambitions for the club are to see it competing consistently to win the Premier League and the Champions League, as well as the major trophies in the women’s senior game and at youth level,” it added.

Apart from Arsenal, Kroenke’s “family portfolio” of assets also include NFL side Los Angeles Rams, the NBA’s Denver Nuggets, the NHL outfit Colorado Avalanche, MLS side Colorado Rapids and Colorado Mammoth of the National Lacrosse League.

The Gunners start their Premier League campaign against reigning champions Manchester City on Sunday.