Stan Kroenke launched his bid for full control of Arsenal in a deal valuing them at £731m but there is nothing in the agreement to prevent him using the club's own cash to pay for it.

Kroenke, the US billionaire sports investor whose properties make him the principal landlord to the Wal-Mart chain of supermarkets, launched a formal offer of £500m for the 70% of Arsenal shares he did not already own.

His acquisition of a further 32.89% of the club has effectively been confirmed and an open offer is out for the remainder. Alisher Usmanov, the Russian billionaire who has a 27% stake, made a last-ditch approach to Lady Nina Bracewell-Smith for her shares on Sunday night after news of Kroenke's bid broke. However, Bracewell-Smith rejected the offer – understood to be worth £1,250 a share more than Kroenke's – because she had given her irrevocable agreement to sell her 15.9% stake in Arsenal to Kroenke.

Kroenke has not used the club's assets as security to raise the money for his purchase, unlike Malcolm Glazer's 2005 buyout of Manchester United. But there is nothing in a long list of undertakings to prevent Arsenal's new owner using multimillion-pound annual dividends from the club to service any debts he may have secured against other assets in his investment portfolio.

Kroenke's offer announcement states: "The offer will not be funded by way of any debt finance … for which the payment of interest on, repayment of or security for any liability [contingent or otherwise] will depend on the business of Arsenal." Arsenal's own statement underscored it by saying: "Kroenke Sports Enterprises [KSE] has also stated that the offer will not be funded by debt finance secured against the Club."

However, in addition to the possibility of using dividends, Kroenke will have access to Arsenal's unrestricted cash reserve, which is approaching £100m. Another £40m cannot be touched due to restrictions under Arsenal's banking agreements.

The Guardian asked Kroenke's adviser how Kroenke had financed the acquisition and if it had involved any form of borrowing against his other assets. Kroenke declined to respond. When asked whether the director-shareholders had applied a restrictive covenant preventing dividends being drawn from the club, Arsenal responded that since it was not detailed in the offer document no such covenant exists. That opens the door to the possibility that, in a less direct way than Glazer, he may in future use the club's funds to service leverage he has taken on to fund the buyout. One Kroenke associate sounded a supportive note for the American, saying he had not used debt to finance acquisitions in the past. "Kroenke is not a Glazer," said the source.

He went on to explain that previously Kroenke has not taken advantage of the US's favourable tax structures that allow the interest in debt-financed acquisitions to be written off against taxable profits.

That should encourage Arsenal fans that their season-ticket payments – which are set to rise by 6.5% next season – will not be drained by owner dividends, but it is by no means a copper-bottom guarantee.

The first to accept Kroenke's offer, with "irrevocable undertakings" to sell their stakes, were the 16.1% shareholder Danny Fiszman, and Bracewell-Smith. The club's nonexecutive directors also consented to sell their combined 0.89% holding and recommended Kroenke's £11,750-a-share offer, giving him 62.89% of the club's equity.

Usmanov has yet to decide whether to sell his stake. With an estimated total wealth of $18bn (£11bn) he has no pressing need to sell his shares, but his consideration may hang on the fact that yesterday's offer price is almost certain to be Kroenke's investment ceiling. Future opportunities to cash out are likely to be less lucrative. However, one Usmanov ally said yesterday: "Clearly there is still an option to stay in."

One thing is clearer: that Arsène Wenger can rely on Kroenke's staunch support. Kroenke's first words as the new Arsenal owner on Monday were to describe the three-time Premier League title winner as a "wonderful manager".

Arsenal's faltering title challenge has caused Wenger to come under fire from some sections of the Arsenal support in recent weeks but it looks highly unlikely that he would be displaced as manager before his contract expires in 2013. "Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsène Wenger," said Kroenke. "We intend to build on this rich heritage and take the club to new success."

Kroenke's offer document, through which he made a full takeover bid for the club through its parent company, Arsenal Holdings, reinforced his support for Wenger. It stated his "current intention" for "existing employment rights of the executive management team and the employees of Arsenal [to] be fully safeguarded". The existing directors, despite divesting of their shares today, will remain on the board, with Peter Hill-Wood continuing as chairman.Ivan Gazidis, Arsenal's respected chief executive, said: "It's the end of an era but it's also the beginning of an era. I don't think we will see dramatic changes. At the same, I do think that Kroenke brings experience in the sports arena. He's got tremendous experience in the United States and also experience now over here in England."