Arsenal takeover

Stan Kroenke on brink of buyout offer after splashing another £1.7m on Gunners shares

Stan Kroenke is within a whisker of launching a takeover bid for Arsenal after increasing his stake in the club.

The American businessman has splashed out a further £1.7million to buy 200 shares, taking his holding in the club to 29.9 per cent.

Under City regulations, he would be obliged to make a formal takeover offer to other shareholders if his stake reaches 29.99 per cent.

He is about 60 shares away from that level. Half of Kroenke's latest shares purchase were sold by chairman Peter Hill-Wood.

When the matter of Kroenke's intentions for the Barclays Premier League club were raised during the recent Annual General Meeting at Emirates Stadium, the American - nicknamed 'Silent Stan' - chose not to take the opportunity to address the gathered shareholders, with 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 a formal move for six months.

While Hill-Wood insisted major changes behind the scenes were not on the agenda, the Arsenal chairman has also suggested he was "very relaxed" about a proposed takeover by the American.

The £1.7m purchase is small change to Denver-based sports magnate , whose has an estimated wealth of more than £2billion.

In America, he owns basketball team the Denver Nuggets, MLS team the Colorado Rapids and ice hockey team the Colorado Avalanche.