Kroenke closer to Arsenal takeover bid

Stan Kroenke has moved closer to launching a formal takeover of Arsenal by acquiring another 200 shares in the club's parent holding company.

The Denver-based sports magnate now controls 29.9% of the company, just short of the 29.99% threshold beyond which he would be forced to make an offer for the remaining shares.

One hundred of the shares purchased by Kroenke were bought from Arsenal chairman Peter Hill-Wood.