Arsenal have been valued at close to £1 billion and a stand-off between Uzbek businessman Alisher Usmanov and American sports mogul Stan Kroenke is expected to ensue.
Speculation of a takeover bid intensified on Monday as news emerged that Bracewell-Smith, the club's third-largest shareholder, began the process of selling her stake.
Bracewell-Smith appointed US group Blackstone to find a buyer for the shares, sparking inevitable reports that Usmanov and Kroenke, who have long been fighting for control of the club, would instantly jump in to buy the shares.
Kroenke owns 29.9% of shares, the highest figure allowed by Stock Exchange rules without a takeover bid, and has a place on the board. Usmanov's Red and White Holdings has 26% and he does not have a place on the board.
Should anyone other than Kroenke or Usmanov purchase Bracewell-Smith's stake, they would only take a minority interest and might not even be welcomed into the inner sanctum.
Bracewell-Smith has often insisted she has no intention of selling her stake, so it is possible that she will sell only a small percentage of her shares, in small proportions, rather than the full stake.
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