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Arsenal 12:00 Leicester

Kroenke close to takeover

American raises stake to 29.9 per cent

Last Updated: 05/11/09 5:22pm

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Kroenke: Poised for takeover bid

Kroenke: Poised for takeover bid

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Stan Kroenke has moved a step closer to launching a takeover of Arsenal after increasing his stake in the club to 29.9 per cent.

The American business tycoon had raised his stake to 29.6 per cent earlier this week and now he has further raised his holding, leaving him just short of the 29.99 per cent threshold beyond which he would be forced to make an offer for the remaining shares.

Kroenke acquired another 200 shares in the club's parent holding company to move to the latest figure, with 100 of the shares being bought from Gunners chairman Peter Hill-Wood.

It seems inevitable Mr Kroenke, who owns the NBA's Denver Nuggets and Colorado Rapids MLS football team, will now launch a formal takeover of Arsenal.

Kroenke has preferred to remain quiet on his intentions for Arsenal, but Hill-Wood has recently announced that he would have no problem with Kroenke making a bid for the club.

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