This morning it announced an offer to buy the remaining stake, at a price of £29,419.64 per share.
Kroenke now owns just over 67% of Arsenal FC and on Tuesday KSE, his Delaware-based holding company, announced an all-cash offer to buy all the shares in the club it doesn't already own.
Apart from Arsenal, Kroenke's "family portfolio" of assets also include NFL side Los Angeles Rams, the NBA's Denver Nuggets, the NHL outfit Colorado Avalanche, MLS side Colorado Rapids and Colorado Mammoth of the National Lacrosse League.More news: Three reasons why imminent Rangers signing Borna Barisic is what Gerrard needs
Usmanov, despite being the second-largest shareholder, has not been given a seat on the club's board.
"We appreciate Mr Usmanov's dedication to the Arsenal Football Club and the storied ethos and history the club represents", he said.
"We at KSE are moving forward with this offer leading to 100 percent ownership of the club", Kroenke said in the LSE statement.
Stan Kroenke's move to take complete control of Arsenal "marks a awful day" for the Gunners, according to the Arsenal Supporters' Trust (AST).
The Arsenal Supporters' Trust, a fan group, said the news of Kroenke's offer "marks a terrible day" for the club. Usmanov made a £1 billion ($1.3 billion) bid to buy the American businessman's stake in the club in May 2017, an offer that was rejected.More news: Scientists Spot Massive Rogue Planet Just Outside Solar System
"Kroenke plans to forcibly purchase the shares held by Arsenal fans".
A statement read: "Stan Kroenke taking the club private will see the end of supporters owning shares in Arsenal and their role upholding custodianship values".
The move has been greeted by a lot of negativity among Arsenal support with a lack of transparency among the concerns voiced as the Gunners prepare for the new league season.
AST added that by becoming the 100% owner, Kroenke would be able to take "detrimental actions" such as paying "management fees and dividends without any check or balance". "Arsenal remains too important to be owned by any one person".
KSE will take a £557m loan from Deutsche Bank to help finance the purchase.More news: 'Supergirl' Movie In The Works From '22 Jump Street' Writer
Founded by a group of workers at the Royal Arsenal armaments factory in Woolwich, the Arsenal team were League champions on 13 occasions, including three under Wenger, and FA Cup winners a record 13 times. New manager Unai Emery, who joined from Paris St Germain, will be given a baptism of fire this weekend when Arsenal kick off their new season against Manchester City.