arsenal news

Kroenke increases Arsenal stake yet again

October 15, 2009
By Soccernet staff

American businessman Stan Kroenke has increased his stake in Arsenal again, which means he is edging closer to a full takeover of the club.

GettyImagesKroenke has more than doubled his stake over the past year

The Gunners announced on Thursday that Kroenke has spent $1.2 million buying 90 shares to increase his holding from 28.7% to 28.9%, just short of the 29.9% threshold that would trigger a mandatory offer for the remaining shares.

The 62-year-old Kroenke, who also owns Major League Soccer's Colorado Rapids, bought up 80 shares a fortnight ago and has been praised as a "model owner" by Arsenal chief executive Ivan Gazidis.

He is now the club's largest shareholder, with a total of 17,957 shares and according to a stock exchange announcement, he bought the latest 90 shares at a price of £8,500 each.