Kroenke on brink of Arsenal takeover

LONDON - American sports mogul Stan Kroenke raised his stake in Arsenal to 29.9 percent on Thursday, the threshold beyond which he will have to make an offer for the remaining shares.

Kroenke, the club's largest shareholder, bought another 200 shares in the Premier League club at a price of 8,500 pounds per share, Arsenal Holdings PLC said in a statement to the London Stock Exchange.

Arsenal said 100 of those shares were sold by chairman Peter Hill-Wood.

Kroenke had raised his stake to 29.6 percent only on Tuesday.

Arsenal, currently third in the Premier League, have been the subject of takeover speculation since Kroenke and Russian billionaire Alisher Usmanov began building stakes in the club.

Usmanov owns around 25 percent of the club's shares.