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US real estate billionaire buys Arsenal stake
10 Apr 2007
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.
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