Takeover looms as Kroenke ups stake to 29.9%
ARSENAL’S largest shareholder Stan Kroenke yesterday crept to the brink of a takeover bid when he increased his stake to 29.9 per cent.
Billionaire Kroenke, who has been steadily building his shareholding since first investing in April 2007, will be obliged to make a formal offer for the Premier League club if he reaches 29.99 per cent.
The American sports tycoon acquired 200 shares, 100 of which were from Gunners chairman Peter Hill-Wood, in a move that further demonstrates Kroenke’s acceptance by his fellow board-members. That is in contrast to their initial scepticism of him and their treatment of rival shareholder Alisher Usmanov, who has 25.5 per cent but has not been offered a seat on the board.
Kroenke’s move comes after Arsenal continued their encouraging form with a 4-1 win over AZ Alkmaar. And ahead of tomorrow’s trip to Wolves, defender Thomas Vermaelen believes they have surprised rivals.
The Belgian said: “Maybe we were a little bit underestimated at the start of the season.”