Richard Conway, BBC Radio 5 live sports news correspondent
Alisher Usmanov has wanted control of Arsenal for some time.
A long-standing critic of the current board, he has attempted to curry favour with fans by calling for greater investment by Stan Kroenke. He believes the team should be performing at a much higher level.
Now, with questions swirling over Arsene Wenger's future and with a lack of Champions League football next season looking inevitable, he has made his move.
However, he has been rebuffed.
The big question is whether this was a final throw of the dice by Usmanov? And, with seemingly no prospect of Kroenke selling, will he turn his purchasing power towards another Premier League club?