After 11 years of trying it appears that Stan Kroenke will soon have full ownership at the North London club after years of uncertainty.
The American currently owns 67% of Arsenal, with the bid allowing him to buy the remaining stakes and take full control.
Having rejected a £1 billion bid from Alisher Usmanov last year, the billionaire confirmed today that an offer is going ahead.
If accepted, the club will be able to move into private ownership.
According to reports, £557m of the money will be borrowed to buy the club. Although Kroenke was quick to suggest this would not be down to the club to pay.
Aim is to compete
A statement by KSE stated that 'KSE's ambitions for the club are to see it competing consistently' with the club aiming 'to win the Premier League and Champions League.'
The news has left some fans devastated, with the Arsenal Supporters Trust calling it 'a sad day for the club'.
“The most dreadful part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans, it is in effect legalised theft," AST said in a statement.
Return of the protests?
Over the years many protests and banners have been held in opposition to the Kroenke family. A takeover could intensify the relations between the club and fans further.
However, Tim Payton of AST says they have no plans of protest with the bid to buy the club still at an early stage.
He said: “We need time to digest the information. At this moment in time there are no plans to protest by the AST.”
The news has come just a handful of days before the club open their Premier League campaign against champions Manchester City.
It also adds further doubts over the future structure of the club following the news that CEO Ivan Gazidis is reportedly wanted by AC Milan.
VAVEL UK tried to contact the Arsenal press office but they were unable to comment.