American businessman Stan Kroenke has taken a controlling stake in Arsenal and agreed terms for the purchase of the remaining stock which values the club at £731million.
Kroenke Sports Enterprises, which has gradually built its stake in the Gunners since first buying 9.9% of shares in 2007, must now bid to buy up the remaining shares after taking their stake to approximately 62.89% after reaching undertakings with major shareholders Danny Fiszman and Lady Nina Bracewell-Smith.
Terms have also been agreed for KSE to buy up the remaining share capital at a cost of £11,750 a share.
Kroenke said in a statement to the Stock Exchange: "We are excited about the opportunity to increase our involvement with and commitment to Arsenal.
"Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger.
"We intend to build on this rich heritage and take the club to new success. I am delighted that Peter Hill-Wood has agreed to support us by continuing as chairman.
"We especially wish to acknowledge and thank the board, Danny Fiszman and the Fiszman family as well as Lady Nina Bracewell-Smith and her family for the confidence they have had in me over the past years and in allowing us to move forward in this more prominent role."
KSE already own NBA basketball franchise the Denver Nuggets, the Colorado Avalanche NHL ice hockey team and Major League Soccer side the Colorado Rapids.
Copyright (c) PA Sport 2009, All Rights Reserved.