ITV has sold its 9.99 per cent stake in Arsenal Football Club to the American real estate developer and billionaire Stan Kroenke for £42m.

ITV has also entered into conditional arrangements with Kroenke to sell its 50 per cent shareholding in Arsenal Broadband, which would bring the combined consideration to £65m.

Kroenke already owns the Denver Nuggets basketball team, the Colorado Avalanche ice hockey team and the Colorado Rapids soccer team as well as co-owning the St Louis Rams American Football franchise, so therefore speculation is rife that he intends to make a bid for the Gunners.

As yet, Kroenke has refused to comment on the rumours.