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Kroenke linked with takeover
20 Jul 2007 - 15:05:26
American billionaire Stan Kroenke will launch a formal £650million takeover bid for Arsenal in the coming days, according to reports.
The US sports magnate currently holds a 12 per cent stake in the Gunners and recently met with chairman Peter Hill-Wood and managing director Keith Edelman.
Kroenke has long been rumoured to be interested in launching a full buyout and is expected to up his stake to 30 per cent early next week.
That would require the owner of Major League Soccer side Colorado Rapids, Denver Nuggets basketball team and Colorado Avalanche ice hockey franchise to launch a full takeover bid.
Earlier in the week, Paul Andrews, vice-president of Kroenke Sports Enterprises, refused to confirm the American businessman's plans for the north London club.
He said: "We never comment on any future, possible investments of any kind.
"Each investment is evaluated based on its merit and it will be assessed on an ongoing basis."