Stan Kroenke to buy Arsenal for $1.2 billion

By Laurie Bennett

April 11, 2011 at 7:18am

Yet another American has snatched up an English soccer team.

This time, it’s investor Stan Kroenke, whose takeover bid has been approved by he Arsenal board.

Kroenke, whose company Kroenke Sports Enterprises already owns the Denver Nuggets and the Colorado Avalanche, had bought the interests of two other Arsenal shareholders, elevating his stake to almost 63 percent.

The New York Times reports that Kroenke has bid £11.75, or about $19.22, per share through his sports management company. The deal totals $1.2 billion.

Kroenke started his career in real estate, founding Kroenke Group in 1983. His wife, Ann, is the daughter of James L. Walton, co-founder of Wal-Mart and brother of Sam Walton.

His many sports investments include a majority stake in the St. Louis Rams. When his bid for the team ran into obstacles because of NFL rules against ownership of major league franchises in other pro football cities, he shifted management responsibilities for the Nuggets and the Avalanche to his son Josh.

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