Kroenke gained a controlling stake in the London club by
buying shares from fellow directors and launched a mandatory takeover bid that
values the club at 731 million pounds ($1.2 billion).
“The club is very pleased to announce that the Premier
League Board has confirmed that the change of control processes under the rules
of the Premier League have been concluded to its satisfaction in relation to
Stan Kroenke's control of the club,” Arsenal chairman Peter Hill Wood said in a
statement on Saturday.
Kroenke, who first bought shares in Arsenal in four years
ago, has raised his stake to 66.06 percent and the remaining shareholders have
another two weeks to accept his offer of 11,750 pounds per share.
“As the controlling shareholder of Arsenal Football Club, it
will always be our intention to do what's necessary to assure success on the
pitch, provide long-term stability and build on the accomplishments and history
of the club,” Kroenke said in Arsenal's statement on Saturday. “We will
continue to grow the Club's presence globally while also adhering to the Club's
self-sustaining economic model. The club has funds to invest and will do so
wisely.” Fans have been calling for significant funds to be spent to strengthen
a side that has just ended a sixth successive season without a trophy and
finished fourth in the Premier League.
“Our constant aim will be to compete for silverware and
championships,” Kroenke said. “The long-term health of the club is of utmost
importance.” Kroenke was obliged to launch a full takeover bid by taking his
stake over the 30 percent threshold with the purchase of shares from the estate
of late director Danny Fiszman, who died last month, and former director Lady
Nina Bracewell Smith.
But Arsenal's second-largest shareholder, Alisher Usmanov,
is continuing to buy shares in the club. Through investment vehicle Red and
White Holdings, the Russian's stake reached 28 percent on Friday by paying up
to 14,000 pounds per share.
Usmanov has never been invited onto the board of directors
at Arsenal, unlike Kroenke, who also owns the NFL's St.
Louis Rams, the NBA's Denver Nuggets, the NHL's Colorado
Avalanche and Major League Soccer's Colorado Rapids.