Kroenke's move to add Usmanov's 30.04 per cent stake to his current 67 per cent holding would see the American businessman take the club private - ending the days of fans owning shares in the Premier League outfit.
The deal ends a standoff between the two tycoons, who had both battled for control, but it has angered the small group of well-connected independent shareholders who see themselves as guardians of the 132-year-old club.
The news of Kroenke take over was made on Tuesday to the London Stock exchange.
Kroenke is unpopular with some fans
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".
Labour leader Jeremy Corbyn has hit out at American billionaire Stan Kroenke's plans to take full ownership of Arsenal FC, and declared his solidarity with the Arsenal Supporters Trust's bid to thwart the proposals. For the first time in a long time, the Gunners have shown clear intent to rise up the league and improve upon last season's disappointing sixth-place finish.
Arsenal, who play City in their season-opener on Sunday, are also adjusting to life after Arsene Wenger, who left the club in May after 22 years at the helm, was replaced by former Paris Saint-Germain boss Emery.
That move, which Kroenke says he'll fund mostly with loans, would value the club at 1.8 billion pounds ($2.3 billion) and would lead to the compulsory purchase of the remaining shares, some of which are owned by Arsenal fans.
"The AST is wholly against this takeover".
Rob Wilson, football finance expert at Sheffield Hallam University, wrote for BBC Sport that the deal is similar to taking a mortgage - take a big sum and as long as the payments can be met then it shouldn't have any negative effects.
From a purely business point of view, it's not a bad model.
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.
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.
U.S. sports magnate Stan Kroenke is adding Arsenal to his collection of teams that includes the LA Rams NFL side and the Colorado Rapids in the MLS.