Kroenke closes in on takeover mark

LONDON: United States businessman Stan Kroenke moved closer towards being obliged to launch a takeover bid for Arsenal after purchasing 427 more shares in the Premier League club. 

It was announced yesterday that Kroenke, having spent some £3.6mil, had upped his stake in Arsenal to 29.6%, fractionally short of the 29.9% mark that would require him to launch a takeover for Arsenal under British law. 

Last week the Denver-based Kroenke, already Arsenal’s largest individual shareholder, had increased his stake to 28.9% after buying 10 additional shares at a cost of some £85,000. 

That followed his £765,000 share purchase in the London club last month. 

Ar Arsenal’s recent annual general meeting (AGM), Kroenke remained silent when asked about his plans. 

Gunners chairman Peter Hill-Wood intervened, pointing out any public statements regarding future bid intentions must be unambiguous, otherwise the individual or group would, under the rules, be prevented from making a formal move for six months. 

“I don’t think we are looking for a change in custodian,” Hill-Wood told the AGM. “I think you will find the club is in pretty good hands. 

“I believe he (Kroenke) is happy to be a long-term shareholder in our club.” — AFP