Russian billionaire, Alisher Usmanov, on Friday made a $1.3billion bid to buy Arsenal from American Stan Kroenke, Financial Times has reported.
Usmanov already owns a 30% stake in the club, but has written to majority shareholder Kroenke to express his interest in taking over. Kroenke is yet to respond to the letter, which was sent last month, but is thought to be unwilling to sell.
“Two weeks ago, I thought something could realistically happen. Now I am not so sure,” The Financial Times quotes a source as saying.
Usmanov is a strong supporter of under-fire Arsenal boss, Arsene Wenger.
Last month he said: “I do not think that the coach alone is to be blamed for what is happening.
“Some continuity is needed. This includes the need to prepare a successor for Wenger, but in a very respectful way. I can suggest that Wenger himself can prepare a successor.”