Kroenke increases Arsenal stake
Stan Kroenke increases Arsenal stake to 29.6 per cent, prompting talk of takeover bid
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Tuesday, 03, Nov 2009 10:59
By inthenews.co.uk staff.
American business tycoon Stan Kroenke has increased his stake in Arsenal to 29.6 per cent - just 0.3 per cent short of being forced to make a formal offer for the club.
Kroenke, who last week bought up an additional ten shares at £8,500 each to raise his overall holding to 28.9 per cent, has today purchased 427 shares from the estate of deceased British industrialist Ernest Harrison.
If the American, who also owns the Denver Nuggets NBA basketball team in the United States, acquires a further third of a percent in Arsenal he would be required to table an offer to buy the remaining shares, in line with the stock market's trading rules.
Kroenke is the club's largest individual shareholder, ahead of Uzbekistani businessman Alisher Usmanov (24 per cent).
Danny Fiszman and Lady Bracewell-Smith are the other major investors with the remaining shares being held by assorted supporters groups and individual fans and stock market investors.
It remains unclear if Kroenke is working towards making a formal takeover bid for Arsenal or whether he is simply collecting additional shares to increase the long-term return on his investment.