Article
US tycoon buys almost 10 percent of Arsenal
LONDON (AFP) - US tycoon Stan Kroenke has agreed to pay 65 million pounds for a 9.9 percent stake in English Premiership football club Arsenal from ITV, the British broadcaster said Thursday.
The deal, worth 95 million euros or 128 million dollars, will no doubt ignite speculation that Kroenke is preparing a takeover bid for the London club.
Premiership sides Manchester United, Liverpool and Aston Villa are already in American hands.
"ITV plc today announced that it had unconditionally sold its 9.99 percent shareholding interest in Arsenal Holdings plc to KSE UK INC, a vehicle controlled by Stan Kroenke," a statement said.
ITV added that it has also entered into conditional arrangements with KSE UK INC in relation to the sale of its 50 percent shareholding in Arsenal Broadband Limited.
"The combined consideration for the two transactions, if completed, is 65 million pound," the independent television broadcaster added.
Kroenke owns several sports franchises in the United States, including soccer side Colorado Rapids, basketball team Denver Nuggets and ice hockey side Colorado Avalanche.
Arsenal have signed a partnership with Colorado Rapids to extend the English club's brand to the United States, and as part of Gunners manager Arsene Wenger's policy of searching the globe for player talent.
Kroenke's fortune, made in property, is estimated by US magazine Forbes' 2007 rich list at 2.1 billion dollars.
Comments (0)