Kroenke moves closer to mandatory takeover of soccer club Arsenal, buys another 200 shares

Associated Press

Last update: November 5, 2009 - 5:51 AM

LONDON - American businessman Stan Kroenke has moved closer to a mandatory takeover bid of Arsenal after buying another 200 shares in the Premier League soccer club.

The London club's largest shareholder increased his stake to 29.9 percent, nearing the 29.99 needed to force a takeover. He previously held a 29.6 percent stake.

Kroenke's latest acquisition cost him $2.8 million. Half the shares came from Arsenal chairman Peter Hill-Wood.

The Denver-based businessman, who already bought 427 shares earlier this week, also owns the Colorado Rapids, the Denver Nuggets and the Colorado Avalanche.

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