ITV plc have announced they have unconditionally sold their 9.99% shareholding in Arsenal Holdings plc to American Stan Kroenke's KSE UK Inc.
KSE began a business partnership with the Gunners in February through Major League Soccer club Colorado Rapids.
Last month, Kroenke's spokesman Jurgen Mainka denied the American billionaire wanted to buy the club.
Kroenke has interests in NFL side St Louis Rams and owns the Denver Nuggets (NBA) and Colorado Avalanche (NHL).
Arsenal are valued at around £404m and billionaire Kroenke was widely thought to be interested in buying shares.
There is an increasing trend of American businessmen linking up with English clubs.
This season Liverpool and Aston Villa have been bought by American business tycoons, and Manchester United have been owned by Malcolm Glazer since 2005.
Kroenke came 153rd in the prestigious Forbes 400 - a list of the wealthiest Americans.
That put him seven places higher than the Glazer family and 89 ahead of Villa owner Randy Lerner.
Arsenal's major shareholders, including vice chairman David Dein and director Danny Fiszman, are not believed to be interested in selling up.
The deal with Colorado is designed to build Arsenal's brand in the United States, while also helping to develop the MLS club.
The arrangement between the two clubs includes the development of a Centre of Excellence in Colorado, the transfer of coaching ideas and the launch of the Arsenal Cup, a club tournament open to teams from all over the US.