American businessman Stan Kroenke has increased his shareholding in Arsenal to 62.89% and agreed to make an offer for the rest of the club.
A full takeover was triggered after Kroenke Sports Enterprises acquired the stakes of Danny Fiszman (16.1%) and Lady Nina Bracewell-Smith (15.9%).
The terms of KSE's offer have been agreed, with Arsenal shares priced at £11,750 and the club's value at £731m.
Kronke first bought 9.9% of shares in Arsenal in 2007.
"We are excited about the opportunity to increase our involvement with and commitment to Arsenal," said 63-year-old Kroenke, whose company also controls basketball's Denver Nuggets, ice hockey side Colorado Avalanche, American football team the St Louis Rams, and Major League Soccer outfit the Colorado Rapids.
"Arsenal are a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger.
"We intend to build on this rich heritage and take the club to new success. I am delighted that Peter Hill-Wood has agreed to support us by continuing as chairman.
"We especially wish to acknowledge and thank the board, Danny Fiszman and the Fiszman family as well as Lady Nina Bracewell-Smith and her family for the confidence they have had in me over the past years and in allowing us to move forward in this more prominent role."
Most of the remaining shares left for Kroenke to purchase are held by Uzbeki billionaire Alisher Usmanov.
Usmanov does not have a seat on the Gunners board but owns 27% of Arsenal's holding company.
"I have worked with Stan Kroenke at board meetings over the past couple of years and I believe he has the best interests of Arsenal at heart," said Gunners boss Wenger.
"He understands the club's heritage and traditions and our ambition to run the club in a way which protects our long-term future."
Arsenal chairman Hill-Wood echoed: "The board of directors and I consider it a key responsibility to protect the ethos and spirit of the club.
"Mr Kroenke, although relatively new to Arsenal, has shown himself to be a man who values and respects the history and traditions of this very special club that we cherish.
The stock exchange statement continued: "It is their [KSE's] current intention that, if the offer becomes or is declared unconditional, they will continue to support and adhere to the self-sustaining business model hitherto pursued by the board of Arsenal."
BBC sports editor David Bond commented: "Peter Hill-Wood famously remarked when Stan Kroenke started buying up shares in Arsenal that he didn't want 'his sort' involved in the club, so we have seen quite a turnaround there.
"In many ways, this has been coming for quite a long time. There has always been a sense that Stan Kroenke would be the new owner of the club and it was just a question of when.
"The supporters will be very keen to ensure the fanshare scheme they launched a while ago will be maintained.
"They are the only Premier League club where fans can save to buy shares in their club and they are very anxious to make sure their voice is still heard.
"Fans will also be hoping for a change of policy at the club too.
"Arsene Wenger has had some money to spend on players for a while but he chooses not to spend it.
"But you have to ask the question that with Stan Kroenke on board, a billionaire businessman with very deep pockets and who invests heavily in the American sports franchises he owns, will it now lead to a change from Wenger and, perhaps, him spending a bit more to money to compete with Chelsea and Manchester City?"
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