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March 26 – American Stan Kroenke (pictured) has increased his stake in Arsenal, putting him within 10 shares of the threshold that forces him to make a takeover bid for the Premier League club.
Kroenke now owns 29.9 per cent after acquiring seven more shares at a cost of £8,500 each each, Arsenal announced today.
If the Denver businessman reaches 30 per cent, he has to make an offer for the remaining shares in Arsenal Holdings.
If Kroenke manages to acquire more than 50 per cent of the shares, he will gain legal control of the club.
But if he fails to surpass the 50 per cent level, he is prohibited from making another takeover bid for at least a year.
If Kroenke reaches 90 per cent, he can purchase the remaining shares.
Kroenke, who first bought a 9.99 percent stake in Arsenal in 2007, also owns the Colorado Rapids of Major League Soccer, the NBA’s Denver Nuggets and the NHL’s Colorado Avalanche.
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