England

Report: Kroenke Increases Arsenal Stake To 29.6 Per Cent

American edging closer to Emirates takeover.

Nov 3, 2009 4:53:43 AM

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Stan Kroenke has increased his stake in Arsenal once again. The American businessman now owns 29.6 per cent of the shares in the north London club.

Kroenke is now just 0.3 per cent - 209 shares - away from owning enough of the club to be obliged to make a formal takeover bid.

Arsenal, according to The London Evening Standard, announced to the London Stock Exchange this morning that the American had spent a further £3.6million buying up 427 shares at £8,500 each.

Kroenke remained tight-lipped about his plans when asked at last month's Gunners AGM as to what his intentions were.

However, it is believed that he may well sell the Denver Nuggets basketball team in order to finance a bid for Arsenal, consequently shutting out Russian Alisher Usmanov who currently owns 25 per cent of the shares at the Emirates.

Zack Wilson, Goal.com UK

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