Page last updated at 10:14 GMT, Friday, 10 July 2009 11:14 UK

Kroenke buys more Arsenal shares

Stan Kroenke
Mr Kroenke also owns a number of US sports clubs

Arsenal director Stan Kroenke, the largest shareholder at the north London club, has again increased his stake.

Mr Kroenke has bought a further 160 shares at £8,500 per share, taking his holding in Arsenal to 28.58%.

It takes Mr Kroenke closer to the 30% threshold that would force him to make an offer for the remaining shares.

In May, the American tycoon had increased his stake to 28.3%. giving him a bigger holding than Uzbekistani metals magnate Alisher Usmanov.

Mr Kroenke also owns the NBA's Denver Nuggets, the NHL's Colorado Avalanche, and the Colorado Rapids of Major League Soccer.

Share plan rejected

Mr Usmanov, a billionaire, owns more than 25% of the club through investment vehicle Red and White Holdings.

The Arsenal board recently rejected the Uzbek-born Russian billionaire's plan to provide fresh funds for transfers, as well as cutting the club's debt by issuing new shares.

Chief executive Ivan Gazidis turned down the request in favour of the current arrangement which would see the Emirates Stadium club remain self-financing.

Following the rejection, Mr Usmanov cast doubt on the club's ability to provide enough money for the team to challenge for honours.



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SEE ALSO
Kroenke raises stake in Arsenal
01 May 09 |  Business
Kroenke increases Arsenal stake
30 Mar 09 |  Arsenal
Gunners 'must brace for takeover'
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Usmanov increases Arsenal stake
16 Feb 09 |  Business
Usmanov denies Arsenal share bid
23 Dec 08 |  Arsenal
Key shareholder to leave Arsenal
18 Dec 08 |  Arsenal
Arsenal announce jump in profits
19 Sep 08 |  Business
Usmanov 'no plans on Arsenal bid'
28 Feb 08 |  Business
Usmanov nets more Arsenal shares
15 Feb 08 |  Business

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