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Alisher Usmanov has announced he has decided to sell his shares in Arsenal to Stan Kroenke - but suggestions Everton are the reason behind that have been denied by one report.

It was revealed this morning that the Gunners' majority shareholder was making another move to buy the Russian's approximate 30% share in the club - having seen a £525m offer rejected in October 2017.

The pair have been in a long-running feud over the running of Arsenal, with Usmanov not having a seat on the club's board despite owning a vast amount of shares.

The Russian has always claimed he wouldn't sell to Kroenke up until this point - with an offer of just over £550m from the American billionaire's company Kroenke Sports Enterprise (KSE) enough to convince him this time.

Red and White Securities, Usmanov's company, confirmed the sale in a statement released on Tuesday afternoon.

It read: "Red and White Holdings Limited ("Red and White") today confirms that Mr Alisher Usmanov has given an irrevocable undertaking to KSE, UK, Inc. to accept the Offer in respect of Red and White Securities' entire holding of 18,695 Arsenal Shares (representing approximately 30.05 per cent) for an agreed price of £29,419.64 per share in cash valuing Red and White Securities' stake at just over £550 million."

The Russian also spoke out personally about the sale of his Arsenal shares, wishing everyone the best at the football club in the future.

He said: "​I have decided to sell my shares in Arsenal Football Club which could be the best football club in the world. I wish all the best and great success to this wonderful football club and to all those whose lives and careers are entwined in it."

Usmanov has been linked with a potential switch to Everton ever since former business partner Farhad Moshiri sold his stake in Arsenal to become the Blues' major shareholder back in 2016.

Rumours started circulating once more following news of the Russian selling Arsenal shares, but a spokesman for the billionaire reportedly told the Guardian that a possible investment in Everton is not the reason for his sale.

Usmanov's holding company USM have already entered into a five-year deal with the Blues in 2017 for the naming rights of Finch Farm, reportedly worth over $15 million.

The Russian was also subject to a Panorama investigation in November 2017 as the BBC programme explored his possible involvement at Everton.

The "Paradise Papers" claimed to show evidence of Usmanov funding Moshiri's move into the Blues, but that was denied by all parties involved at the time.