Colorado real estate developer Stan Kroenke
, whose sports company owns MLS's Rapids among other Denver area sports teams, bought a 9.99 percent stake in
English Premier League club Arsenal from the British television network ITV.
Kroenke, who also owns the NBA's Denver Nuggets and the NHL's Colorado Avalanche and is co-owner of the NFL's St.
Louis Rams, also entered into "conditional arrangements" with ITV involving the sale of the network's 50 percent share in Arsenal Broadband.
The total value of the two deals would be
approximately $128.3 million. Kroenke Sports Enterprises announced in February it had formed a partnership with Arsenal to exchange business, commercial and marketing information and share coaching
and training philosophies. Kroenke's move to buy into Arsenal has prompted speculation that he would later bid to gain control of the Gunners, the only one of the EPL's big four not controlled by
The sale marks the end of ITV's flirtation with English soccer. It sold its minority interest in Liverpool two months ago and would incur a loss of more than $20 million on
its interest in Arsenal.