Stan Kroenke will buy the 30 percent stake held by the Russian oligarch Alisher Usmanov for £550 million.
Kroenke also intends to exercise the legal right which comes with 90% ownership of a company, and force all remaining small shareholders, most of them Arsenal supporters, to sell their shares to him.
Kroenke intends to take the club off the stock exchange and turn it into a private company.
The Arsenal Supporters’ Trust (AST) described the announcement as “a dreadful day for Arsenal football club.”
The deal value Arsenal at £1.8 billion ($2.3 billion).