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LONDON: 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 on Monday.
The deal values Arsenal at about $1.195 billion, 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.
“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 10 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 per cent 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.
Four other Premier League clubs are owned by Americans – Malcolm Glazer at Manchester United, John Henry at Liverpool, Randy Lerner at Aston Villa and Ellis Short at Sunderland – while Chelsea, Manchester City, Fulham, Blackburn and Birmingham are also owned by foreigners.
Arsenal chairman Peter Hill-Wood said Kroenke “will be a safe custodian” of Arsenal’s future.
“Mr. Kroenke, although relatively new to Arsenal, has shown himself to be a man who values and respects the history and traditions of this very special club that we cherish,” Hill-Wood said.
Little is known about the 63-year-old Kroenke’s plans for Arsenal. Known as “Silent Stan,” he has previously declined to speak at the club’s annual general meeting.
“He’s a strong silent type, and I think that’s not necessarily the worst thing when it comes to sports team owners,” said MLS commissioner Don Garber, who has talked to Kroenke about his plans for Arsenal. “He’s very loyal. He’s a very quiet and a strategic thinker. He doesn’t make rash decisions.”
That style fits with the prevailing philosophy at Arsenal, which has a tradition of being well-run, avoiding big transfer fees and relying on talent developed through its youth teams.
But Kroenke will come under pressure from fans to invest in a team that has not won a major title since the 2005 FA Cup and last captured the Premier League crown in 2004.
