American businessman Stan Kroenke has increased his stake in Arsenal and is now within 10 shares of the threshold that forces him to make a takeover bid.
The Premier League club announced on Friday that Kroenke, who owns 29.9 per cent of Arsenal, acquired seven more shares Thursday at a cost of £8,500 pounds each.
If the Denver-based businessman reaches 30 per cent, he has to make an offer for the remaining shares in Arsenal Holdings plc.
If Kroenke manages to acquire more than 50 per cent of the shares he will gain legal control of the club. If he reaches 90 per cent he can compulsorily purchase the remaining shares. Arsenal ownership in limbo as Kroenke holds his fire in battle for Gunners Stan Kroenke closer to takeover bid after snapping up more Arsenal sharesARSENAL FC