According to the Echo Two people following the process closely said that other bidders were circling.
Mr Usmanov is not planning on disposing of his stake and the offer to buy out Mr Kroenke came from a desire to work co-operatively and strengthen the team, one of these people said.
That does not mean Usmanov has been put off and he could yet return with an increased bid – with Forbes currently listing his wealth at £11.2bn.
Former Arsenal striker Ian Wright says something has to change at the club.
Russian businessman Alisher Usmanov wants to buy Arsenal and has launched a £1billion bid to acquire majority shareholder’s Stan Kroenke’s 67 per cent stake in the club.
The tale of that billion-dollar expropriation can be read here.They face Everton in the final round of Premier League matches on Sunday and need to win, with other results going their way, if they are to finish in the top four.Despite the prospect of making a large profit, Kroenke appears to not want to sell.“I do not think that the coach alone is to be blamed for what is happening,” he told Bloomberg – adding that the board, and main shareholder (Kroenke) “bear huge responsibility”.The Gunners face a multi-million pound drop in revenue if they fail to qualify for next season’s Champions League.