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Kroenke edges closer to takeover mark

Source: The Guardian

Oct 27, 2009

Summary

• American billionaire now owns 28.9% stake in Gunners
• Kroenke yet to reveal intentions over club's ownership

Stan Kroenke has purchased another 10 shares in Arsenal's parent holding company, at a cost of some £85,000, to edge closer towards the takeover threshold. The Denver-based sports magnate now controls a stake of some 28.9%, which includes a £765,000 purchase earlier this month.

Should Kroenke, or indeed anyone else, such as second-largest shareholder Alisher Usmanov, reach a figure of 29.9%, they would, under the City's financial regulations, be obliged to launch a formal takeover bid.

However, when the matter of his intentions for the Premier League club was raised during last week's annual general meeting at Emirates Stadium, the American – nicknamed 'Silent Stan' – chose not to take the opportunity to address the gathered shareholders, with chairman Peter 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

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