LONDON — Arsenal has received approval from the Premier League for American Stan Kroenke to take control of the soccer club.
Kroenke, who also owns the NFL’s St. Louis Rams, the NBA’s Nuggets, the NHL’s Avalanche and Major League Soccer’s Rapids, gained a controlling stake in the London club by buying shares from fellow directors and launched a mandatory takeover bid that values the club at $1.2 billion.
“The club is very pleased to announce that the Premier League board has confirmed that the change of control processes under the rules of the Premier League have been concluded to its satisfaction in relation to Stan Kroenke’s control of the club,” Arsenal chairman Peter Hill Wood said in a statement Saturday.
Kroenke, who first bought shares in Arsenal four years ago, has raised his stake to 66.06 percent and the remaining shareholders have another two weeks to accept his offer of 11,750 pounds per share.
