Russian billionaire Alisher Usmanov failed in his attempt to buy out Stan Kroenke’s controlling stake in Arsenal football club, but his bid of €1.3bn is reported to be a perfect valuation, according to Forbes.

US billionaire Stan Kroenke bought a 67% stake of Arsenal in 2011, worth £731m ($1.12 bn at the April 2011 exchange rate).

Usmanov’s bid surpassed that of Kroenke’s previous investment to own the controlling stake, which would value Arsenal at €2bn in total – perfectly in line with Forbes’ own valuation of the club a year ago.

The Russian businessman was turned down by Kroenke, however, who insists he wants to make Arsenal title-winners in the Premier League again and challenge in Europe. Kroenke’s lack of activity within the club would suggest otherwise which is why Usmanov is so keen for a controlling stake.

Supporters have been desperate for new ownership as they believe Kroenke only cares for making money and keeping Arsenal as a successfully-run business, rather than wanting them to challenge for major football honours each season.

This summer is pivotal for the club with long-serving manager Arsene Wenger out of contract in the summer.

Arsenal’s most expensive duo Mesut Ozil and Alexis Sanchez have 12 months remaining on their respective deals too and aren’t likely to sign new contracts if the club can’t prove they’re going in the right direction.

Arsenal are certainly healthy off the pitch, evident by their €2bn valuation, but things aren’t rosy on it.