Alisher Usmanov has reportedly decided to sell his 30% stake in Arsenal after giving up hope of taking majority control of the club.

The Uzbekistan-born billionaire has made a number of attempts to buy out majority shareholder Stan Kroenke in the past, but the American turned down a $1.3bn (£991m) offer for his 67% stake in the club.

Kroenke has insisted that his shares in the Premier League outfit are not for sale, and the Financial Times reports that Usmanov has now given up hope of changing his mind.

The metalworks magnate is reportedly actively looking for buyers, but will refuse to sell his stake to Kroenke, who made a £525m offer for his 30% last summer.

Usmanov and Kroenke are understood to have disagreed over the direction of the club in recent years, with Usmanov claiming last summer that his presence was required to "protect the best interest of the fans in the club".