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.”
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.