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LONDON — American businessman Stan Kroenke has increased his stake in Arsenal and is now within 10 shares of the threshold that forces him to make a takeover bid.
The Premier League club announced Friday that Kroenke now owns 29.9 percent of Arsenal after acquiring seven more shares Thursday at a cost of $12,650 each.
If the Denver-based businessman reaches 30 percent, he has to make an offer for the remaining shares in Arsenal Holdings.
If Kroenke manages to acquire more than 50 percent of the shares he will gain legal control of the club. If he reaches 90 percent he can purchase the remaining shares.
Koroenke also owns the Colorado Rapids of Major League Soccer and the Denver Nuggets of the NBA and the Colorado Avalanche of the NHL.
