American billionaire Stan Kroenke is set to sell his stake in Arsenal to Alisher Usmanov.

The People says Usmanov paid £75million two weeks ago for former vice-chairman David Dein's 14.5 per cent stake in the North London giants. Now the Russian will splash out a further £80million for Kroenke's 12.19 percent holding, upping his percentage to 26.69 - just 3.31 percent short of the point a formal takeover bid is triggered.

Arsenal chairman Peter Hill-Wood is determined not to let Arsenal fall into foreign hands. He has even made all major shareholders, excluding American Kroenke, sign a contract stopping them from selling their stock in the next 12 months.

But with 28.36 per cent of the club being owned by minority investors it will not take long for Usmanov and his firm, Red and White Holdings, to reach the 30 per cent threshold.

Kroenke's stock will make mega-rich Usmanov - who is worth £5billion - the main investor in the club ahead of Danny Fiszman, who owns a 24-per-cent stake. This will give him the power to veto anything he does not agree with.