Stan Kroenke increases his stake in Arsenal
Mon 29th Mar 2010 | Clubs Ownership
American businessman Stan Kroenke has increased his stake in Arsenal and is now just 10 shares away of reaching a compulsory takeover bid.
Arsenal's statement to London's Plus Market stock exchange on Friday revealed that Kroenke, who owns 29.9 percent of the club, acquired additional seven shares on Thursday at £8,500 each.
If Kroenke will obtain 30 percent he must make an offer to buy the remaining shares in Arsenal. If he fails to surpass the 50 percent mark and gain legal control of the club, he is prohibited from making another takeover bid for at least a year. He could purchase the remaining shares of the club and delete its stock exchange listing if he reaches 90 percent.
Kroenke's estimated fortune is believed be in excess of $2.5 billion.
The club's second-largest shareholder Russian businessman Alisher Usmanov, who is not a member of Arsenal's board of directors, took his stake beyond 26 percent in December.
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