Stan Kroenke has made an offer to take control of Arsenal Football Club in a bid that values the Barclays Premier League club at £731m.
Kroenke Sports Enterprises had acquired additional shares from Danny Fiszman (16.1%) and Lady Nina Bracewell-Smith (15.9%), taking its shareholding to 62.89% and has now agreed an offer with shares priced at £11,750.
"We are excited about the opportunity to increase our involvement with and commitment to Arsenal," said Kroenke.
He continued: "Arsenal are 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. I am delighted that Peter Hill-Wood has agreed to support us by continuing as chairman."
Kroenke, who first invested in Arsenal in 2007, will not be loading any debt onto the club which was confirmed in a statement made to the stock exchange.
"The offer will not be funded by way of any debt finance (banks loans, payment in kind loans or other debt or quasi-debt interest bearing obligations) for which the payment of interest on, repayment of or security for any liability (contingent or otherwise) will depend on the business of Arsenal," the statement said.
It also added that it has no plans to change Arsenal’s current business model. "It is their (KSE) current intention that, if the offer becomes or is declared unconditional, they will continue to support and adhere to the self-sustaining business model hitherto pursued by the board of Arsenal," the statement added.
Most of the remaining shares Kroenke has offered for belong to Russian Alisher Usmanov.