The announcement that Usmanov's Red and White Securities has accepted an offer from Kroenke Sports & Entertainment ends a long tussle between the two billionaires, who have not had a working relationship and each has tried in the past to buy up the other's stake.
"We at KSE are moving forward with this offer leading to 100 percent ownership of the club", Kroenke said in the LSE statement.
Kroenke, who - like Usmanov - first started amassing shares in Arsenal in 2007, succeeded in gaining full control in 2011.
What has led to Arsenal being owned exclusively by Stan Kroenke?
The move takes shares away from fans and Arsenal Supporters Trust published a telling statement on the matter. Acquiring Usmanov's shares for £550m means remaining shareholders would be obligated to sell theirs to Kroenke.
USA businessman Stan Kroenke is set to acquire full control of English soccer team Arsenal following a bid that values the club at £1.8 billion.
The bid will be part funded by a 557 million pound loan from Deutsche Bank.
Arsenal last year parted ways with Arsene Wenger, who had managed the club for over 20 years after they finished the season 6th in the Permier League, their worst position since 1992.
"The most awful part of this announcement is the news that Kroenke plans to forcibly purchase the shares held by Arsenal fans".
"Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values".
However, fan groups such as the Arsenal Supporters Trust are anxious that the club would no longer need to hold an annual general meeting and that there could be less oversight of finances.
It should have little impact on the club's day-to-day business as Kroenke already owned 67 percent of the club and had the final say on all major pieces of business. However, the prospect of the North London club being owned by one man, particularly when that one man is Kroenke, is worrying for all associated with the Gunners.
"Kroenke's actions will neuter their voice and involvement". "We appreciate Mr. Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents".
Despite more recent successes in the FA Cup competition, Kroenke's running of the club continues to divide the Arsenal fanbase, many of whom perceive there to have been under-investment in top players at a time when foreign money has been boosting the fortunes of domestic rivals.
"The AST is wholly against this takeover".
The American, who made a $2 billion bid to buy the club previous year, will raise the capital with $58 million (£45m) of his own money and $721 million (£557m) in loans which, he says, will not be against the club.
While some Arsenal fans will hope having one single owner will make key decisions easier, the majority will be concerned at the club effectively being run from the United States with less transparency.