I hope thsi goes through ,,,
AMERICAN tycoon Stan Kroenke last night bought a £65million stake in Arsenal after they became the latest Premiership club to be targeted by foreign investors.
And Kroenke is now ready to launch a £500m takeover bid for Arsenal, who are renowned as one of the most traditional clubs in English football and have always resisted big money offers.
Kroenke has held meetings with Gunners vice-chairman David Dein after targeting big Shareholders in a concerted effort to increase his stake.
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Kroenke, owner of the Colorado Rapids who have just established a tie-up with Arsenal, completed a deal to buy a 9.9 per cent share of Arsenal yesterday from existing shareholders ITV.
Multi-millionaire sports fan Kroenke also bought 50 per cent of Arsenal's broadband service in a double deal worth £65m.
That is believed to be in preparation for expanding broadcasting rights across the world.
Arsenal managing director Keith Edelman flew to America yesterday - Rapids kick off their MLS season tomorrow - for further talks with Kroenke.
Kroenke is the latest American tycoon to invest in English football after the Glazers' takeover of Manchester United, George Gillett buying Liverpool and Randy Lerner's purchase of Aston Villa.
Billionaire Kroenke was recently placed 153rd in the prestigious Forbes 400 list of wealthiest Americans - seven places higher than the Glazers and 89 ahead of Lerner.
Kroenke is understood to see Arsenal as a major investment and marketing opportunity, especially with a new 60,000-seat stadium.
Kroenke and his advisers believe there is untapped potential in English football.
Kroenke insisted: "Arsenal are one of the most respected football clubs in the world. We appreciate their outstanding legacy, sporting tradition and the exceptional commitment of their supporters."
Last night Paul Andrews, chief marketing officer for Kroenke Sports, said: "It has always been our policy not to speculate on any investments.
"We hold pretty tight to that policy."
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