Shareholder Alisher Usmanov says he accepts rival Stan Kroenke's bid for club.

Arsenal shareholder Alisher Usmanov says he will accept rival Stan Kroenke's bid to buy him out for £550m and take full control of the club.

American billionaire Kroenke owns 67% of Arsenal through his company KSE and announced on Tuesday he had made an offer to buy up the rest of the shares.

Usmanov has confirmed he has agreed to part with his 30% stake in the club.

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

Despite his shareholding, Usmanov is not part of the board or the decision-making at Arsenal.

Kroenke's offer to shareholders values the Gunners at £1.8bn. Acquiring Usmanov's shares for £550m means remaining shareholders would be legally obliged to sell theirs to Kroenke.

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

Arsenal have a new manager in charge this season after Unai Emery took over from Arsene Wenger, who had been Gunners boss for 22 years.

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

Courtesy of bbcsports