Stan Kroenke, the owner of National Football League and the National Basketball Association teams, agreed to boost his stake in Arsenal soccer club to 63 percent, triggering a takeover bid for the English Premier League team.
Kroenke pledged to buy 16 percent stakes held by Danny Fiszman and Nina Bracewell-Smith, as well as a small amount of stock owned by the club’s remaining directors, his Kroenke Sports Enterprises said today. The purchase price of 11,750 pounds a share values the club at about 731 million pounds ($1.2 billion). Kroenke is being advised by Deutsche Bank AG.
