Arsenal Edge Closer to Takeover

Stan Kroenke has today spent £85,000 purchasing another ten shares in Arsenal, increasing his stake but still leaving him some 62 shares short of the amount he needs in order to compelled into launching a takeover.

A statement issued to the PLUS market, where Arsenal's parent holding company are listed, reads:

"On 20th November 2009, Arsenal Holdings (the "Company") received notification that on 19th November 2009 Stan Kroenke, a director of the Company, acquired 10 ordinary shares of £1.00 each in the Company at a price of £8,500 per share.

"Taking into account such acquisition, Stan Kroenke has a beneficial interest in, and controls voting rights over, 18,604 ordinary shares in the Company, representing 29.9% of the Company's issued ordinary shares."

That means, according to the Press Association, that Kroenke is now closer to the 29.99% that would mean, under strict City rules, that he would be obliged to launch a formal bid for the remainder of the shares in the club.

Those shares would be sold at the highest price paid for stock during the past 12 months, which currently stands at £10,500 per share paid in May.

Russian businessman Alisher Usmanov is seen as potentially Kroenke's main rival for ownership of the club. He currently owns 25% of shares in the Gunners.