Kroenke takes controlling stake in Arsenal

US billionaire Stan Kroenke has taken a controlling share in Arsenal, it was confirmed on Monday, meaning 10 of the 20 Premier League clubs are under foreign ownership.
   Kroenke was already Arsenal's largest single shareholder with a 29.9-per-cent stake, but he has secured formal undertakings for share sales from both Danny Fiszman and

 Lady Bracewell-Smith, who between them control 32 per cent of shares in the club's parent company, Arsenal Holdings.

   Kroenke Sports Enterprises, which first bought a 9.9-per-cent share in Arsenal in 2007, has also reached terms to buy up the remaining share capital for 11,750 pounds (19,180 dollars) per share.

   "We are excited about the opportunity to increase our involvement with and commitment to Arsenal," Kroenke said in a statement to the London Stock Exchange.

   "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. 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."

   The 66-year-old Fiszman has been in ill health for some time and is believed to have made the decision to sell to secure a smooth transfer of power after his condition deteriorated.

   Bracewell-Smith, meanwhile, has been actively marketing her shares for several months.

   It remains uncertain whether Kroenke will buy the remaining shares. The Uzbek businessman Alisher Usmanov has a 27-per-cent stake and, with little real power remaining, may be tempted to sell for what would be a slight profit.

   That would leave Kroenke, who also owns the St Louis Rams, the Denver Nuggets basketball team and the Colorado Rapids football franchise, with an 89-per-cent stake.

   Given he has been a prime mover in the establishment of the Arsenal Fanshare, a scheme that promotes equity ownership by fans, it may be that he does not pursue 100-per-cent control and de-listing from the stock exchange.

   Arsenal join Manchester United, Liverpool, Aston Villa and Sunderland as Premier League clubs in US hands.