American sports tycoon Stan Kroenke, who also owns 2010 MLS champ Colorado Rapids, is securing a controlling stake in Arsenal that clears the way for him to become the fifth U.S.owner of an English Premier League club.
Kroenke’s stake in Arsenal will rise from 29.9 percent to 62.89 percent after agreeing to buy shares from fellow directors includingDanny Fiszman and Nina Bracewell-Smith in a deal that values the club at $1.2 billion. By going over the 30 percent threshold, Kroenke is obliged to mount a fulltakeover bid by making a mandatory cash offer for the remaining shares.
“We are excited about the opportunity to increase our involvement with and commitment to Arsenal,”Kroenke said. “Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger. We intend to build on this rich heritage and take the club to newsuccess.”
Manchester United (Malcolm Glazer), Liverpool (John Henry), Aston Villa (Randy Lerner) and Sunderland (EllisShort) also have American oweners. Chelsea, Manchester City, Fulham, Blackburn and Birmingham are also owned by foreigners.