American billionaire Stan Kroenke
LONDON - ENGLISH Premier League soccer club Arsenal said on Monday it had agreed to be taken over by American billionaire Stan Kroenke in a deal which would value the club at 731 million pounds (S$1.5 billion).
Kroenke, who already owns close to 30 per cent of the North London club, said he had offered Arsenal shareholders 11,750 pounds per share and had already secured the backing of 16.1 per cent shareholder Danny Fiszman and 15.9 per cent shareholder Nina Bracewell-Smith.
Kroenke, who owns several major sports teams in the United States, now controls 63 per cent of the club, which currently lies second in the league behind rivals Manchester United.
'Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger. We intend to build on this rich heritage and take the club to new success,'Kroenke said in a statement.
Arsenal have gone six years without a trophy since their FA Cup success in 2005 and fans have been frustrated as their spending on players lagged behind rivals such as Chelsea and Manchester City.
Under Takeover Panel rules, Kroenke is now compelled to make an offer for the remaining shares.
-- REUTERS
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