American billionaire Stan Kroenke has bought a 9.9 per cent stake in Arsenal after purchasing the shares from broadcaster ITV for £65 million.
Kroenke owns a host of American sports teams including the Denver Nuggets basketball team and Major League Soccer (MLS) side the Colorado Rapids, with whom the Gunners struck up a relationship earlier in the season.
The entrepreneur has bought his stake in the club through his company Kroenke Sports Enterprise [KSE] for a sum of £65 million.
A statement to the stock exchange read: "ITV today [Thursday] announced that it had unconditionally sold its 9.99 per cent shareholding interest in Arsenal Holdings to KSE UK, a vehicle controlled by Stan Kroenke, and has also entered into conditional arrangements with KSE in relation to the sale of its 50 per cent shareholding in Arsenal Broadband."
The broadband business is reported to be one of the main attractions of the deal to KSE.
KSE had earlier stated that it had no interest in launching a takeover for the Gunners; however, Kroenke does follow a trend of American businessmen moving into the English game.
Jurgen Mainka, senior director of communications and international business at Colorado Rapids, said: "At this point, there is no interest or intention from KSE in buying any shares or any pieces of Arsenal Football Club or any club in the English Premier League."
Kroenke owns the Kroenke Group, a real-estate and construction company, and is married to Anne Walton, an heir of the Wal-Mart company.
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