Kroenke increases stake in Arsenal

London: American businessman Stan Kroenke has moved within a fraction of launching a mandatory takeover bid for Premier League club Arsenal.

Kroenke, the London club's largest shareholder, increased his stake to 29.6 per cent, only 0.3 per cent from the amount needed to force a takeover. He previously held a 28.9 per cent stake.

The Denver-based businessman's latest acquisition of 427 shares cost him about 3.6 million pounds ($5.9 million).

During Arsenal's annual general meeting late last month, Kroenke avoided questions about his takeover plans, instead allowing chairman Peter Hill-Wood to answer for him.

In Britain, individuals or groups wishing to make a takeover bid must be unambiguous with their intentions or face a six-month penalty before being able to launch the bid.

The Arsenal Supporters Trust, a fans' group that has been seeking a meeting with Kroenke, released a statement Tuesday stressing that it opposes a full takeover of the club.
"While the AST welcome Stan Kroenke's involvement, we agree with the sentiment of Peter Hill-Wood's statement at the most recent AGM that there is no need for any shareholder to launch a takeover of the club," the AST said.

"The AST believes in plurality of ownership."

Americans own four other Premier League clubs - Manchester United, Liverpool, Aston Villa and Sunderland.

If Arsenal is taken over by Kroenke - or even Russian businessman Alisher Usmanov, the club's second-largest shareholder - it would become the 11th club in the 20-team Premier League club under foreign ownership.

The latest club to fall under foreign ownership was Birmingham, which was bought by Honk Kong businessman Carson Yeung last month. Other clubs are Chelsea, Manchester City, Fulham, West Ham and Portsmouth.

Kroenke also owns the Colorado Rapids, the Denver Nuggets and the Colorado Avalanche.