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Home » Sport » Football

Kroenke to become new Arsenal owner

Stan Kroenke is to become the new owner of Arsenal after amassing 62.89% of the club and agreeing terms for the purchase of the remaining stock.

Kroenke Sports Enterprises (KSE), has gradually built its stake in the Gunners since first buying 9.9% of shares back in 2007.

The American businessman sealed deals with major shareholders Danny Fiszman and Lady Nina Bracewell-Smith to take them over the 29.9% threshold, which under UK takeover laws means Kroenke must launch a formal bid for the whole club. 

The remaining shares will be bought for a cost of £11,740 a share, valuing the whole club at £731m. 

Kroenke said in a statement to the Stock Exchange: "We are excited about the opportunity to increase our involvement with and commitment to Arsenal.

"Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger. We intend to build on this rich heritage and take the club to new success. I am delighted that Peter Hill-wood has agreed to support us by continuing as chairman.

"We especially wish to acknowledge and thank the board, Danny Fiszman and the Fiszman family as well as Lady Nina Bracewell-Smith and her family for the confidence they have had in me over the past years and in allowing us to move forward in this more prominent role.''

KSE already own NBA basketball franchise the Denver Nuggets, the Colorado Avalanche NHL ice hockey team and Major League Soccer side the Colorado Rapids.

 

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