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The American businessman's company has acquired the stakes of Danny Fiszman and Lady Nina Bracewell-Smith while Peter Hill-Wood continues as chairman

American businessman Stan Kroenke has agreed to make a takeover offer for Arsenal after increasing his share in the club to over 62%.

Kroenke Sports Enterprises, which first gained involvement in the club after buying nearly 10% of its shares in 2007, triggered a move after acquiring the stakes of both Danny Fiszman and Lady Nina Bracewell-Smith, who owned 16.1% and 15.9% respectively.

The entrepeneur has gradually increased his stake at Arsenal for the last four years and has now seen terms agreed in order for him to take complete control at the Emirates, with the club's market value being set at £731 million.

These terms would see Kroenke buy up the remaining shares at the club and therefore gain complete control of it, and it was revealed that current chairman Peter Hill-Wood would remain in his current role.

Speaking following the developments, Kroenke  said: "We are excited about the opportunity to increase our involvement with and commitment to Arsenal. Arsenal is a fantastic club with a special history and tradition, and a wonderful manager in Arsene Wenger.

"We intend to build on this rich heritage and take the club to new success. I am delighted that Peter Hill-Wood has agreed to support us by continuing as chairman. 

"We especially wish to acknowledge and thank the Board, Danny Fiszman and the Fiszman family as well as Lady Nina Bracewell-Smith and her family for the confidence they have had in me over the past years and in allowing us to move forward in this more prominent role."

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