Source: Daily_Mail
Kroenke edges towards Arsenal takeover after grabbing more shares
Arsenal's biggest shareholder Stan Kroenke has further increased his stake in the club.
The American billionaire businessman has shelled out £680,000 to grab another 80 shares, taking his slice of the pie to 28.7 percent.
If he were to reach the 29.9 per cent mark, it would trigger a formal takeover offer for the remainder of the club.
The owner of the Denver Nuggets basketball team has more than doubled his stake over the last year, giving him a bigger holding than metals magnate Alisher Usmanov.
Kroenke's latest move comes two days after Arsenal revealed its annual pre-tax profits had risen to £45.5m in the year to May 31.
Kroenke held a 12.38 per cent stake one year ago, but has since bought shares from the Carr brothers and Danny Fiszman, a director who was formerly the club's biggest shareholder.
The club's initial antipathy towards Kroenke - Peter Hill-Wood, the chairman, claimed that Arsenal did not want "his sort" - has been reversed in the attempt to fight off Usmanov.
The Russian could attempt to team up with Lady Nina Bracewell-Smith, who is the club's third-biggest shareholder with 16.8 per cent, but he would be unlikely to obtain enough support from smaller shareholders to obtain control.
Arsenal's shares were quoted at £7,550 today, but Kroenke paid £8,500 each for his.
