Usmanov Makes $1.3 Billion Bid To Buy Arsenal

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The response comes amid reports last week Russian billionaire Alisher Usmanov made a £1.3bn bid to buy Kroenke's majority stake in the club.

Arsenal shareholder Alisher Usmanov is reportedly preparing a second bid worth around £2billion to seize control of the club.

Uzbekistan-born Usmanov owns 30 percent of Arsenal League club and is said to have recently made the offer in a letter to American sports entrepreneur Kroenke, who controls a 67 percent stake. Kroenke took over as the majority shareholder for Arsenal in 2011.

Arsenal failed to clinch a top-four place in the Premier League, which will have a significant financial impact as they have not qualified for the lucrative European Champions League for the first time in 20 seasons.

U.S. entrepeneur Kroenke, 69, has been in charge at the Emirates since 2011 but, like Wenger, has seen protests from Arsenal's fanbase increase exponentially throughout the season over his running of the club.

Kroenke, though, could face a battle to win back the trust of those supporters who believe a change is needed in the boardroom.

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"I respect Stan Kroenke a lot".

"Overall I believe we played since January in a very hard environment for different reasons", Wenger said.

The 67-year-old Frenchman has faced repeated calls to quit and bring to an end an Arsenal reign that started in September 1996 when his current contract expires after the end of this season.

Usmanov first acquired shares in Arsenal in 2007, when he teamed up with Farhad Moshiri to buy a 14.6% stake for £75m.

However, he blamed the uncertainty over his future for contributing to the club failing to qualify for the Champions League.

"We are already missing out on the managers we are supposedly interested in and we are going to start missing out on the kind of players that are going to be available and want to play in the Premier League".