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Billionaire Stan Kroenke Bids to Take Over Arsenal Football Team

Billionaire Stan Kroenke is getting closer to being the sole owner of English Premier League giant Arsenal after the American entrepreneur bought out a combined 32 percent stake in the London-based club.

Kroenke on Monday closed a deal to take over the shares of Danny Fiszman (16.1 percent) and Lady Nina Bracewell-Smith (15.9 percent), increasing the total share of the American’s Kroenke Sports Enterprise to more than 62 percent. With the deal, whose approval is only a matter of formality, KSE must now offer to buy out the stakes of the remaining shareholders as mandated by British law. If KSE succeeds in acquiring 90 percent of the club, the company must purchase the remaining 10 percent. The next largest shareholder is Uzbek billionaire Alisher Usmanov, who owns 27 percent of the club.

Kroenke already owns several other sports teams in the United States, including the NBA’s Denver Nuggets, the Colorado Avalanche in the NHL, and the Colorado Rapids of the Major League Soccer.