Arsenal’s new boss Kroenke pledges success for Gunners

April 12th, 2011 - 8:29 am ICT by ANI  

Arsenal London, Apr. 12 (ANI): US billionaire Stan Kroenke has vowed to bring success to Arsenal after sealing a controlling stake at the Emirates with a 450 million dollar swoop.

According to the Herald Sun, Kroenke has also agreed terms for the purchase of the remaining stock, which values the club at about 1.1 billion dollars.

Kroenke must now bid to buy up the remaining shares after taking his stake to approximately 62.89 per cent after reaching undertakings with major shareholders Danny Fiszman and Lady Nina Bracewell-Smith.

Terms have also been agreed for his company, Kroenke Sports Enterprise (KSE), to buy up the remaining share capital at a cost of more than 18,000 dollars a share.

Fiszman wants to sell his stake in Arsenal knowing his children do not wish to maintain links with the club.

Kroenke said in a statement to the London Stock Exchange: “We are excited about the opportunity to increase our involvement with and commitment to Arsenal.”

“Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger. We intend to build on this rich heritage and take the club to new success.” (ANI)

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