Stan Kroenke has increased his shareholding in Arsenal to 62.89% and agreed to make an offer for the rest of the club.
Kroenke Sports Enterprises acquired the stakes of Danny Fiszman (16.1%) and Lady Nina Bracewell-Smith (15.9%), meaning that the American businessman must now make an offer to purchase the club’s remaining shares.
The terms of KSE’s offer have been agreed, with Arsenal shares priced at £11,750 and the club’s value at £731m.
Kronke first bought 9.9% of shares in Arsenal in 2007.
“We are excited about the opportunity to increase our involvement with and commitment to Arsenal,” said 63-year-old Kroenke, whose company also controls basketball’s Denver Nuggets, ice hockey side Colorado Avalanche, American football team the St Louis Rams, and Major League Soccer outfit the Colorado Rapids.
“Arsenal are 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. I am delighted that Peter Hill-Wood has agreed to support us by continuing as chairman.
“We especially wish to acknowledge and thank the board, Danny Fiszman and the Fiszman family as well as Lady Nina Bracewell-Smith and her family for the confidence they have had in me over the past years and in allowing us to move forward in this more prominent role.”