It read: "Red and White Holdings Limited ("Red and White") today confirms that Mr Alisher Usmanov has given an irrevocable undertaking to KSE, UK, Inc.to accept the offer in respect of Red and White Securities' entire holding of 18,695 Arsenal Shares (representing approximately 30.05 percent) for an agreed price of £29,419.64 per share in cash valuing Red and White Securities' stake at just over £550 million".
Kroenke, through his Kroenke Sports and Entertainment (KSE) company, first purchased Arsenal shares in 2007 and has steadily increased his stake since then, becoming a director a year later.
Despite his shareholding, Usmanov is not part of the board or the decision-making at Arsenal.
Kroenke wants full ownership and believes through his company, the club can prosper significantly, given their proposed strategy and ambitions. Acquiring Usmanov's shares for £550m means remaining shareholders would be obligated to sell theirs to Kroenke.
To do that he has a loan agreement with Deutsche Bank to lend him £557m, allowing him to fund the takeover.
"This news marks a awful day for Arsenal Football Club", declared an AST statement.
Although Kroenke says the deal will benefit the club, which has certainly made its intentions clear with a flurry of eye-catching transfers during the summer window, the official Arsenal Supporters' Trust (AST) made their feelings known by describing the news "a terrible day" for the Gunners.
Despite more recent successes in the FA Cup competition, Kroenke's running of the club continues to divide the Arsenal fanbase, many of whom perceive there to have been under-investment in top players at a time when foreign money has been boosting the fortunes of domestic rivals.
"Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values".
"Kroenke's actions will neuter their voice and involvement".
Stan Kroenke has launched a £1.8billion to take complete control at Arsenal.
It added that it was "in effect legalised theft to remove a brake on how Arsenal is managed".
The deal comes at a crucial time for the north London club as it embarks on life without long-time manager Arsene Wenger who stood down in April after 22 years in charge. "Arsenal remains too important to be owned by any one person". "KSE is a committed, long-term owner of the club". "The AST is wholly against this takeover which marks a very sad day for Arsenal football club".