KSE, the corporation owned by Kroenke, now holds 41,743 shares in Arsenal equating to 67.09 per cent control.
Mr Usmanov will receive £550m for his holding, based on the share price of £29,419.64.
The KSE, which also owns the NFL's Los Angeles Rams, said it has received an "irrevocable undertaking" from Red and White Securities to accept the offer for its 18,695 Arsenal shares as soon as possible.
A statement read: "Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values".
It's the news which the vast majority of Arsenal fans have dreaded but Stan Kroenke and KSE Holdings are now reportedly the sole owners of the football club.
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The American billionaire's decision to make his latest offer comes from his belief that taking the club private with a single, long-term owner will benefit them with respect to moving quicker in accordance to their strategy and ambitions.
"KSE, a DE corporation wholly-owned by Mr E. Stanley Korenke, now holds 41,743 Arsenal Shares, representing approximately 67.09 per cent of the existing issued share capital of Arsenal".
But the Arsenal Supporters' Trust set out its opposition to the proposed move.
Usmanov, despite being the second-largest shareholder, has not been given a seat on the club's board.
"We at KSE are moving forward with this offer leading to 100 percent ownership of the club", Kroenke said in the LSE statement.
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Kroenke dismissed concerns of fans who last saw the team win the Premier League in 2004 and finish sixth last season to miss out on the Champions League.
Kroenke now holds 41,743 Arsenal shares, approximately 67.09 per cent of the club. "Kroenke's actions will neuter their voice and involvement", the Trust said in a statement. Kroenke serves as a director at the club.
The journey has not always been smooth for the United States sports mogul, whose interests include the Denver Nuggets basketball team and the LA Rams American football franchise.
While many Americans run clubs, or franchises, like a business, the richer owners of Chelsea and Manchester City have thrown hundreds of millions of pounds at their clubs to buy the world's best players.
The former Paris Saint-Germain manager replaced long-serving boss Arsene Wenger in May.
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In a straight swap-deal between the two clubs, Milan also confirmed the return of their defender Leonardo Bonucci to Juventus . He has been given the number 9 shirt by AC Milan and will be expected to fire the club back into the Champions League.