There was a furious backlash from Arsenal supporters after the American billionaire agreed to pay £550million to buy second largest shareholder Alisher Usmanov's 30 per cent stake in the Premier League club.
The America tycoon's move to obtain complete control of the club signals the end of Arsenal's long tradition of financial accountability and transparency by having supporter shareholders.
The American's company, Kroenke Sports and Entertainment (KSE), now owns 67 per cent of the Gunners and has offered to purchase the 30 per cent held by Alisher Usmanov's Red and White Securities firm for a fee in excess of £550million - an offer which Usmanov has agreed to.
"We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the Club represents". "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".
The American's company, Kroenke Sports and Entertainment, now owns 67 per cent of the Gunners and has offered to purchase the 30 per cent held by Alisher Usmanov's Red and White Securities firm.
So, who is Kroenke and how long has he been involved with Arsenal?.
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However, Usmanov has never had a seat on the Arsenal board and has always been seen as an outsider looking to work his way into a position of power.
The Arsenal Supporters' Trust (AST) has already formally criticized Kroenke's acquisition, saying it's "a terrible day for Arsenal football club".
"The Arsenal Supporters' Trust is wholly against this takeover", one fans' group said.
Kroenke's company, KSE, added: "KSE UK is pleased to announce the terms of its all-cash offer to acquire the entire issued and to be issued ordinary share capital of Arsenal Holdings PLC other than the Arsenal Shares already held by KSE". And former Arsenal star Ian Wright told ESPN it will be "absolutely disastrous" if Kroenke obtains full control of the team, mainly because, according to Mattias Kare, he believes the Rams owner "cares more about money than winning trophies".
Arsenal, who finished sixth last season, launch their 2018-19 Premier League campaign at home to champions Manchester City on Sunday under new manager Unai Emery.
Those partially public forums are now likely to end as Arsenal prepares to become entirely privately owned like most of the rest of its EPL club rivals.