Kroenke, founder of Kroenke Sports Enterprises, has approached ITV about acquiring its 9.9% stake in Arsenal FC, which has a market capitalisation value of around £305m.
The move could pave the way for an eventual takeover of the club, which needs to secure long-term investment following the completion of the £390m Emirates Stadium. This would allow it to continue competing with rivals Chelsea FC, Manchester United and Liverpool FC, which have already been subject to major takeovers in recent years, with Liverpool and Manchester United each falling to American owners.
Despite Arsenal being valued at around £305m, the potential for substantial growth in the business means it attracts a sale price of £700m upwards.
Kroenke already has an interest in Arsenal FC, having signed a marketing partnership agreement last month, which aims to increase the profile of the club in the US.
ITV has been aiming to sell off its stake in Arsenal for a while, as it views it as a non-core asset to its business. The broadcaster has already sold its stake in Arsenal's Premiership rivals Liverpool FC to US sports tycoons George Gillett and Tom Hicks, with £17.4m investment as part of the deal for the club's sale.
Mounting speculation over a possible takeover of Arsenal in recent weeks has led to a major hike in the club's share price, which now stands at £6,500 a share.
Conjecture over the club's future has been fuelled by the news that Danny Fizman, non-executive director of Arsenal and the club's largest stakeholder, has reduced his holding in the club to less than 25% -- the critical amount needed to maintain a veto in changes to the club's statute.
As well as the Colorado Rapids, Kroenke owns the Denver Nuggets basketball team and the Colorado Avalanche ice-hockey team. He is estimated to have a fortune of over £1bn, according to Forbes magazine.
_1.jpg)
.jpg)
