The buy out will see the Premier League club being valued at around $2.3 billion.
In an official statement released by UK Labour, Corbyn said: "It's a real shame that this sale will bring to an end the longstanding official role of Arsenal supporters in the running of the club". Usmanov publicly questioned the lack of investment in the squad as he was shut out of any decision-making by Kroenke, who also owns Major League Soccer's Colorado Rapids.
Usmanov has made a number of attempts to buyout Kroenke's share, but will now receive £550m ($712m) for his stake.
The statement said that he also intends to exercise the legal right, which comes with 90 per cent ownership of a company, and force all remaining small shareholders - a lot of them Arsenal supporters - to sell their shares to him.
The move comes at a crucial time for the north London club which is embarking on life without long-time manager Arsene Wenger who stood down in April after 22 years in charge.
Arsenal kick off their Premier League campaign against Manchester City this Sunday.
That stance, and Kroenke's intention to take the club off the stock exchange and reconstitute it as a private company wholly owned by him, was criticised by the Arsenal Supporters' Trust (AST), which described the announcement as "a awful day for Arsenal".
'The financial viability of the deal must also be carefully examined, especially if the club will be purchased via a loan.
"The AST is wholly against this takeover".
There are two sides to this and from a fan's point of view you like to have a bit more transparency - when there is more than one person involved you get a broader discussion about what you should do, who you should buy and how much to spend on particular people.
Former Arsenal director Nina Bracewell-Smith added on Twitter: "It is truly a sad day for Arsenal Football Club". It should - in theory - prove a sound business model.
Rob Wilson, football finance expert at Sheffield Hallam University, wrote for BBC Sport that the deal is similar to taking a mortgage - take a big sum and as long as the payments can be met then it shouldn't have any negative effects.
A statement from Kroenke Sports & Entertainment said it has "received an irrevocable undertaking from [Usmanov's] Red and White Securities to accept the offer".
The American's company, Kroenke Sports and Entertainment, now owns 67 per cent of the Gunners and has offered to purchase the 30 per cent held by Alisher Usmanov's Red and White Securities firm.
In the offer document, each of Arsenal's 62,217 shares are valued at at £29,419.64.