US sports tycoon Stan Kroenke has taken a controlling stake in Arsenal and has agreed terms to buy the remaining shares in the Premier League club, both sides announced today. The deal values Arsenal at about £731m (€825m, $1.195bn), according to a statement issued to the London Stock Exchange.
Kroenke Sports Enterprises (KSE) has boosted its stake from 29.99 per cent to 62.89 per cent, and terms have also been agreed for KSE to buy up the remaining share capital at the cost of £11,750 a share.
"We are excited about the opportunity to increase our involvement with and commitment to Arsenal," Kroenke, 63, said in the statement. "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 new success."
Wenger also welcomed the deal, saying: "I have worked with Stan Kroenke at board meetings over the past couple of years and I believe he has the best interests of Arsenal at heart. He understands the club's heritage and traditions and our ambition to run the club in a way which protects our long-term future."
Last month Kroenke increased his stake in Arsenal to within ten shares of the threshold that forces him to make a takeover bid, when he acquired seven more shares at a cost of £8,500 each.
Kroenke, who first bought a 9.99 percent stake in Arsenal in April 2007, also owns the Colorado Rapids of Major League Soccer, the NBA's Denver Nuggets and the NHL's Colorado Avalanche.