American billionaire Kroenke ups Arsenal stake

American billionaire Stan Kroenke has improved his stake in Arsenal for the second time in a week to edge ever closer to a takeover bid for the Gunners.

The American business tycoon, who also owns US sports teams Colorado Rapids, the Denver Nuggets and the Colorado Avalanche, has bought 20 more shares for £170,000 just three days after adding another 10 to his collection.

His stake in the club is believed to be just 42 shares short of reaching the critical 30 per cent level.

If he passed 29.99 per cent, under the strict financial rules of the City Kroenke would be obliged to make a formal offer for the remainder of the shares at the highest price paid for stock during the past 12 months, which was £10,500 in May.