Kroenke buys small share of Arsenal

American Stan Kroenke has bought 9.99 percent of English Arsenal. ITV, plc sold the shares unconditionally to Kroenke's company KSE UK, Inc.

KSE's Major League Soccer club, Colorado Rapids, began a business venture with Arsenal in February.

Last month, Kroenke's spokesman Jurgen Mainka denied the American billionaire wanted to buy the club, but Kroenke later said Mainka was not speaking for him.

Kroenke is owner of the NFL St Louis Rams and owns the NBA Denver Nuggets and NHL Colorado Avalanche.

Arsenal is valued at about GBP 404 million and it was thought that billionaire Kroenke was interested in buying shares.

There is an increasing trend of American businessmen buying into English clubs.

Kroenke was listed 153rd in the Forbes 400, a list of the wealthiest Americans. That puts him seven places higher than the Glazer family and 89 ahead of English Aston Villa owner Randy Lerner.

Arsenal's major shareholders, including vice chairman David Dein and director Danny Fiszman, are not believed to be interested in selling their shares of the club.

The deal with Colorado is designed to expand Arsenal's brand in the United States, while also helping to develop the MLS club.

The arrangement between the two clubs includes the development of a Centre of Excellence in Colorado, the transfer of coaching ideas and the kick off of the Arsenal Cup, a club tournament open to clubs from all over the U.S.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.