Kroenke Ups Arsenal Stake Again

Arsenal director Stan Kroenke, the largest shareholder at the Premier League club, has again increased his stake, adding further weight to reports of a proposed takeover bid. 

Kroenke has bought a further 160 shares at £8,500 per share, taking his holding in Arsenal to 28.58%.

It takes the American businessman closer to the 30% threshold that would force him to make an offer for the remaining shares.

In May, Kroenke had increased his stake to 28.3%. giving him a bigger holding than Uzbekistani metals magnate Alisher Usmanov.

Kroenke also owns the NBA’s Denver Nuggets, the NHL’s Colorado Avalanche, and the Colorado Rapids of Major League Soccer.

Usmanov, a billionaire, owns more than 25% of the club through investment vehicle Red and White Holdings.

The Arsenal board recently rejected the Uzbek-born Russian billionaire’s plan to provide fresh funds for transfers, as well as cutting the club’s debt by issuing new shares.

Chief executive Ivan Gazidis turned down the request in favour of the current arrangement which would see the Emirates Stadium club remain self-financing.

Following the rejection, Usmanov cast doubts on the club’s ability to provide enough money for the team to challenge for honours.