English Premiership

Kroenke seizes Arsenal control

2011-04-11 12:43
Stan Kroenke (File)

London - US sports tycoon Stan Kroenke has taken a controlling stake in Arsenal and has agreed terms to buy the remaining shares in the English Premier League club, both sides announced on Monday.

The deal values Arsenal at about £731 million, according to a statement issued to the London Stock Exchange.

If Kroenke gains complete control of the club, it will mean the top four English clubs are foreign-owned, reflecting the hugely lucrative status of the Premier League.

Kroenke Sports Enterprises (KSE) has boosted its stake from 29.99% to 62.89%, and terms have also been agreed for KSE to buy up the remaining share capital at the cost of £11 750 a share.

"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 stake of almost 10% in Arsenal in April 2007, also owns US Major League Soccer franchise Colorado Rapids, the NBA's Denver Nuggets and the NHL's Colorado Avalanche.

Foreign owners have flocked to the Premier League since television deals with Sky Sports helped make it the world's most lucrative domestic football championship and increased its global appeal.

Its most recent television deal for British and international broadcast rights, running from 2010-2013, has been valued at around £3.2 billion.

The deal represented £1.8 billion for domestic rights and £1.4 for international rights.

And the 2010-2013 terms increased sharply despite the global recession, showing a sharp rise on the previous deal which was worth £2.7 billion.

Arsenal are second in the Premier League table, seven points behind leaders Manchester United, who are owned by US tycoon Malcolm Glazer.

Chelsea are owned by Russian oligarch Roman Abramovich and fourth-placed Manchester City were taken over by Abu Dhabi's Sheikh Mansour.

Read more on:    epl
NEXT ON SPORT24X

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Comments have been closed for this article.
Live Video Streaming
  • Blitz
    Mon, 24 Nov 2014 @00:00
  • SS1
    Mon, 24 Nov 2014 @01:00
  • SS2
    Mon, 24 Nov 2014 @02:00
  • SS3
    Mon, 24 Nov 2014 @03:00
Video Highlights
Sport Talk

Fixtures
13 February 2016
Sunderland v Manchester United, Stadium of Light 14:45
Norwich City v West Ham United, Carrow Road 17:00
Everton v West Bromwich Albion, Goodison Park 17:00
Swansea City v Southampton, Liberty Stadium 17:00
Crystal Palace v Watford, Selhurst Park 17:00
Bournemouth v Stoke City, Vitality Stadium 17:00
Chelsea v Newcastle United, Stamford Bridge 19:30
14 February 2016
Arsenal v Leicester City, Emirates Stadium 14:00
Aston Villa v Liverpool, Villa Park 16:05
Manchester City v Tottenham Hotspur, Etihad Stadium 18:15
27 February 2016
West Ham United v Sunderland, Boleyn Ground 14:45
Stoke City v Aston Villa, Britannia Stadium 17:00
Leicester City v Norwich City, King Power Stadium 17:00
Southampton v Chelsea, St. Mary's Stadium 17:00
Watford v Bournemouth, Vicarage Road 17:00
West Bromwich Albion v Crystal Palace, The Hawthorns 19:30
Logs
Team P W PTS
Previous Results

Date Home Team Result Away Team
Vote

Who was the best summer signing in the EPL?

 
 
/Sport
Men
Women
Love 2 Meet
English Premiership flutter

Take Sport24's "expert" tips at your peril...

Featured

As the Absa Premiership nears the Christmas break, a little over half the season remains. Who will be crowned champions when all is said and done? Which teams will be relegated? Stay glued to Sport24 to find out!

Latest blogs
 

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

RSS Feeds Sport news delivered really simply.

 
There are new stories on the homepage. Click here to see them.