Stan Kroenke has offered Alisher Usmanov nearly £525 million ($695 million) to buy out his share of Arsenal.
Usmanov has made several attempts to take control of Arsenal from Kroenke.
Kroenke owns 67% of Arsenal while Usmanov has a 30.4% stake. The remaining shares belong to minority shareholders that have owned them for years.
Usmanov has never been able to secure a seat on the board or influence any decisions.
If Kroenke is successful in buying out Usmanov, he could force out the remaining minority shareholders and could make Arsenal a privately owned business.