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Stan Kroenke currently rules the roost at the Emirates, despite the powerful figure of Alisher Usmanov looming large.

With 67 per cent of the club's shares, Kroenke holds all the power, while Usmanov - the club's second largest shareholder at 30 per cent - is kept firmly on the sidelines.

The Russian did make his power move back in May, offering Kroenke £1 billion for his stake , but the bid was rejected.

A statement released by Kroenke Sports & Entertainment at the time, said: "KSE UK, Inc notes the recent media speculation concerning its shareholding in Arsenal Holdings PLC and confirms its shares are not, and never have been, for sale.

"KSE is a committed, long term investor in Arsenal and will remain so."

And now the tables appear to have been turned - with reports suggesting that Kroenke has now made a bid to buy out Usmanov's stake. Should that happen the American would own more than 97 per cent of the club.

To find out more about the current situation at Arsenal, Football.London spoke with a source who has helped set up successful takeover bids in England and across Europe - and has had dealings with both Kroenke and Usmanov - to discuss how the next few months could pan out in N5.

What options does Usmanov have?

(Image: MAXIM SHEMETOV/AFP/Getty Images)

“There’s no way that Stan can be obliged to sell legally. He is the majority shareholder.

“Only aggressive fans making his life intolerable through threats and other means might persuade him otherwise - but that’s very unlikely.

“Usmanov has no options apart from making offers and telling the media. Stan is a billionaire and owns sporting clubs as investments.

“If Usmanov offered Stan a huge profit maybe Stan would consider but Stan doesn’t need the money.

“Offering Stan £1 billion and thus a profit of 40% is never going to be a compelling offer. Perhaps £2 billion might make Stan consider.”

So will Usmanov give up?

“Understanding the nature of the man is important. He made his fortune in the Russian metals sector, where being tough helps.

“Usmanov is used to getting his way but with Arsenal he can’t bully Stan. In fact Stan has shut him out and Usmanov has no seat on Arsenal’s board even. There is no love lost there.

“Usmanov can consult his advisors but he has nowhere to turn apart from making a higher offer.

“When Stan went to 63% he had to offer the same terms to Usmanov and was rejected. Usmanov dug a hole for himself. Possibly Stan would buy his shares just to get rid of him.”

Would Kroenke ever be tempted to sell?

“Stan is worth $7-8 billion and his wife, daughter of Sam Wall (Walmart founder), is worth $40 billion or more. He is much richer that Usmanov.

“I just can’t see Stan selling Arsenal, it’s his top club in his empire of sports clubs.”

What do you think Usmanov's next move should be?

“Usmanov would be wise to sell to Stan.

“He could buy a top La Liga club for the value of his Arsenal stake and be playing in the Champions League.

“He should have sold to Stan when Stan went to 63% and was obligated to make the same offer to all shareholders.”