US businessman Stan Kroenke is reportedly set to launch a takeover bid for English Premier League club Arsenal.
Kroenke, 63, controls NBA franchise the Denver Nuggets, NHL outfit Colorado Avalanche, the NFL’s St Louis Rams, Major League Soccer team Colorado Rapids and 29.9 percent of north London club Arsenal.
He is believed to have agreed to purchase the 16.1 percent of shares owned by Danny Fiszman and the 15.9 percent owned by Lady Nina Bracewell-Smith for 11,000 pounds per share – a total of 225 million pounds.
The deal would put Kroenke in control of 62 percent of the club and oblige him to offer a buy-out of all remaining shareholders.
The price of Bracewell-Smith and Fiszman’s shares values the club at 750 million pounds, but debts of 147 million pounds take the proposed deal to a total of 900 million pounds.
Russian billionaire Alisher Usmanov holds the second largest percentage of shares, just over 27 percent.
Arsenal are second on the Premier League table, but have not won a trophy for six years.
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