Arsenal‘s majority shareholder Stan Kroenke has made a £600m offer to buy the whole of the club in a deal that would value the Gunners at £1.8bn.

Kroenke, who currently owns 67% of the club through his company KSE, has put forward a proposal to buy the remainder of the club’s shares — 30% of which are owned by Russian billionaire Alisher Usmanov and his company Red and White Securities. The deal was published on the London Stock Exchange Tuesday.

A KSE statement says taking the club private will help to further Arsenal’s “strategy and ambitions”.

The buy-out announcement was made to the London Stock exchange on Tuesday. The takeover battle for English Premier League side Arsenal between American and Russian billionaires could be about to end.

The statement added: “KSE’s ambitions for the club are to see it competing consistently to win the Premier League and the Champions League, as well as the major trophies in the women’s senior game and at youth level.

KSE said that since “its stewardship since 2011 the club has invested in major transfers, player contracts, analytics, senior non-playing football management employees” and it “expects the club to build on those investments”.