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Tuesday, April 12, 2011

Kroenke takes control of Arsenal

LONDON (AP) American businessman Stan Kroenke secured a controlling stake in Arsenal, clearing the way for a full takeover that would make him the fifth U.S. owner of a Premier League club.

The Denver-based investor said Monday he planned to bring "new success" to the London club, which hasn't won the league title since 2004.

Kroenke raised his stake in Arsenal from 29.9 percent to 62.89 percent by agreeing to buy shares from fellow directors including Danny Fiszman and Nina Bracewell-Smith. The deal values the club at £731 million ($1.2 billion).

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