Kroenke buys more Arsenal stock
Thursday, 5 November 2009 10:29Stan Kroenke has moved closer to launching a formal takeover of Arsenal by acquiring another 200 shares in the club's parent holding company.
The Denver-based sports magnate now controls 29.9% of the company, just short of the 29.99% threshold beyond which he would be forced to make an offer for the remaining shares.
One hundred of the shares purchased by Kroenke were bought from Arsenal chairman Peter Hill-Wood.
When the matter of Kroenke's intentions for the Barclays Premier League club were raised during the recent Annual General Meeting at Emirates Stadium, the American - nicknamed 'Silent Stan' - chose not to take the opportunity to address the gathered shareholders, with Hill-Wood intervening.
Any public statements against future bid intentions must be unambiguous, otherwise the individual or group would, under the Takeover Panel's rule 2.8, be prevented from making a formal move for six months.
While Hill-Wood insisted major changes behind the scenes were not on the agenda, the Arsenal chairman has also suggested he was 'very relaxed' about a proposed takeover by the American.
