American Stan Kroenke has increased his stake in Arsenal and is nearing a compulsory takeover bid.

Stan Kroenke just ten shares shy of compulsory takeover bid

American businessman Stan Kroenke has increased his stake in Arsenal and is nearing a compulsory takeover bid. Premier League giants Arsenal, bidding for a 14th top flight title this season, announced on Friday that Kroenke had acquired seven more shares at a cost of £8,500 each. The real estate tycoon now owns 29.9 per cent of the Emirates outfit and must, by regulation, make an offer for the remaining shares in Arsenal Holdings plc should he obtain 30%. The American is just 10 shares shy of reaching that mark and is believed to be keen on strengthening his ownership of the club. Should Kroenke, who also owns a 40% stake in American Football franchise St. Louis Rams, manage to acquire more than 50% of the shares in Arsenal he will gain legal control of the club. Believed to have a wealth in excess of £1.8billion, the 62-year-old can purchase the remaining shares of the club if he reaches 90%.