Kroenke ups Gunners stake

Kroenke: Quiet on takeover talk

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Stan Kroenke has purchased a further 10 shares in Arsenal's holding company, at a cost of £85,000.

The American businessman, who is already the Gunners' largest individual shareholder, now owns a 28.9 per cent stake in the club.

He is edging towards the 29.9 per cent threshold which would force him to launch a formal takeover bid.

The Denver-based tycoon recently shelled out £765,000 to surpass Alisher Usmanov as Arsenal's top shareholder, but remains coy on his intentions for the future.

At the club's Annual General Meeting he opted against making any comment on takeover talk when the issue was raised, allowing chairman Peter Hill-Wood to intervene on his behalf.

Any public statement regarding a possible bid must be unambiguous, otherwise the individual or group would, under the Takeover Panel's rule 2.8, be prevented from making a formal move for six months.

Custodian

Kroenke's latest dealings have been confirmed to the Plus market, with the following statement released: "On 26th October 2009, Arsenal Holdings plc (the "Company") received notification that on 26th October 2009 Stan Kroenke, a director of the company, acquired 10 ordinary shares of £1.00 each in the company at a price of £8,500 per share.

"Taking into account such acquisition, Stan Kroenke has a beneficial interest in, and controls voting rights over, 17,967 ordinary shares in the company, representing 28.9% of the company's issued ordinary shares."

Despite Kroenke's continued acquisition of power at Emirates Stadium, Hill-Wood stated at last week's AGM that he did not envisage a takeover attempt being put in place any time soon.

"I don't think we are looking for a change in custodian," he said.

"I think you will find the club is in pretty good hands.

"I believe he [Stan] is happy to be a long-term shareholder in our club."