Stan Kroenke has increased his shareholding of Arsenal football club to more than 20 per cent after buying up a third of the shares previously owned by Danny Fiszman.
Fiszman, who was previously the Gunners' largest individual shareholder, has sold 5,000 shares to American businessman Kroenke at a cost of £42.5 million - which puts the club's value at just under £530 million.
The result of the deal, which sees Kroenke now in possession of 20.5 per cent of the club, is that Fizman's overall shareholding drops to 16.1 per cent - although he remains part of the board.
Commenting on the transaction, Fiszman said: "I am pleased that Stan Kroenke has made a further substantial commitment to the club by acquiring approximately a third of my holding.
"Stan’s long-term commitment to sport in general and football in particular has been well documented. I am therefore delighted that he has shown this desire to deepen his ties with Arsenal.
"I will of course continue to work for Arsenal with the best interests of the club at heart and have no intention of selling any more of my shareholding."
Kroenke, who is described by chairman Peter Hill-Wood as a "valuable member of the board", added: "After having been invited to join the board last year I am delighted to be able to increase my shareholding in Arsenal.
"I will continue to work closely with my board colleagues to maintain the stable environment in which the club operates and to preserve the self-sustaining business model enjoyed by the club.”
It has been confirmed by the club that the sale falls within the confines of the lockdown agreement agreed by all Arsenal shareholders in October 2007, which prevents wholesale share sales to outside parties.
Hill-Wood also confirmed in a statement that Fiszman "remains a driving influence on the board and is fully committed to the club’s long-term future".
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