Alisher Usmanov has decided to sell his 30% stake in Arsenal after giving up hope of taking majority control of the club, according to reports
Alisher Usmanov has made a number of attempts to buy out majority shareholder Stan Kroenke in the past, but the American turned down a $1.3bn (£991m) offer for his 67% stake in the club.
In May last year, Mr Usmanov made a $1.3bn (£1bn) offer to buy out Stan Kroenke ‘s share but that was rejected.
Kroenke has insisted that his shares in the Premier League outfit are not for sale, and the Financial Times reports that Usmanov has now given up hope of changing his mind.
The Uzbekistan-born billionaire is reportedly actively looking for buyers, but will refuse to sell his stake to Kroenke, who made a £525m offer for his 30% last summer.
Usmanov and Kroenke have had a long-running battle for control. The pair have contrasting visions for the direction of the club.