American businessman Stan Kroenke secured a controlling stake in Arsenal, clearing the way for a full takeover that would make him the fifth U.S. owner of a Premier League club. The Denver-based investor said Monday he planned to bring “new success” to the London club, which hasn’t won the league title since 2004.
Kroenke raised his stake in Arsenal from 29.9 percent to 62.89 percent by agreeing to buy shares from fellow directors including Danny Fiszman and Nina Bracewell-Smith. The deal values the club at 731 million pounds ($1.2 billion). By going over the 30 percent threshold, the 63-year-old Kroenke is obliged to make a mandatory cash offer for the remaining shares. “We are excited about the opportunity to increase our involvement with and commitment to Arsenal,” Kroenke said in a statement to London’s Plus Market. “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.”