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Kroenke Takes Arsenal Controlling Stake, Triggers Offer

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.