AP Source: Usmanov bid to buy Arsenal rejected by Kroenke

LONDON (AP) — A person familiar with the situation says Arsenal shareholder Alisher Usmanov has had an offer to buy out owner Stan Kroenke rejected.

The person told The Associated Press that Usmanov's offer valued the Premier League club at $2 billion. The person spoke on condition of anonymity to discuss the club's financial matters.

The Financial Times first reported that Usmanov, who has a 30 percent holding in Arsenal, has been seeking to buy Kroenke's 67-percent majority stake.

Kroenke, who also owns Los Angeles Rams NFL team, took full control of Arsenal in 2011.

The offer comes with Arsenal set to miss out on qualifying for the Champions League for the first time in two decades, with the team heading into its final match of the league campaign, against Everton on Sunday, in fifth place.