Premier League backs Kroenke takeover of Arsenal

Arsenal says the Premier League has given its approval to the club's takeover by American sports owner Stan Kroenke.

Kroenke has raised his stake in Arsenal since last month to a 66.06 percent stake after buying shares from the estate of director Danny Fiszman and former director Lady Nina Bracewell Smith.

Kroenke's mandatory takeover bid values the club at $1.2 billion.

On Saturday Arsenal said "it has received the Premier League's confirmation that Stan Kroenke has completed its change of control processes to its satisfaction."

Kroenke owns the NFL's St. Louis Rams, the NBA's Denver Nuggets, the NHL's Colorado Avalanche and Major League Soccer's Colorado Rapids.

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