US Tycoon Pays £65m To Buy Into Arsenal - 08/04/2007

US sports team owner Stan Kroenke has bought ITV's 9.9 per cent stake in Arsenal for about £42m, laying out another £23m for the broadcaster's 50 per cent share of Arsenal Broadband Limited, the club's internet site. This is a huge sum for an operation that makes a profit of a few hundred thousand pounds a year. Kroenke Sports Enterprises already has a commercial and marketing agreement with the North London club and Mr Kroenke issued a statement saying, 'Because of our long-time involvement in major sports, we greatly admire Arsenal Football Club.' Arsene Wenger suggested that because of what he had seen at Arsenal, Mr Kroenke may have wanted a closer association with the club. However, Mr Kroenke may well be considering a full bid. As it so happens, an Arsenal delegation is in the United States for the open of the MSL season and is expected to have talks with Mr Kroenke.

A real estate developer and billionaire, he is married to Anne Walton, an heir to the Wal-Mart fortune. He may have actually acquired more shares than the 9.9 per cent belonging to ITV through earlier dealings. ITV had 'boardroom observer' status, but was not allowed to appoint a director. It remains to be seen whether Mr Kroenke will get a seat on the board. Three shareholders, led by Danny Fiszman, control more than half the stock in Arsenal. However, if just one of these shareholders were to give way, it would put pressure on the others. Premiership clubs in Manchester, Birmingham and Liverpool are now American owned and it may be just a matter of time before a major London club joins them.