Top Business News

LONDON, April 11 (UPI) -- American billionaire E. Stanley Kroenke said he had agreed to buy a controlling interest in the British Arsenal football team.

"We are excited about the possibleness to process our involvement with and dedication to Arsenal," Kroenke said in a evidence about the Arsenal Football Club in which he already owns 29.9 percent.

He has agreed to process his holdings to 62.89 percent, The Wall Street Journal reportable Monday.

The deal, which values the aggroup at $1.2 billion, involves the purchase of shares from board members Danny Fiszman and Nina Bracewell-Smith.

Kroenke, who owns the Denver Nuggets of the National Basketball Association, the river Avalanche of the National Hockey League and the Major League Soccer aggroup the river Rapids, staleness now make a effort to purchase the rest of the author football team, the newspaper reported.

The largest remaining investor is Russian steel magnate Alisher Usmanov, who owns 27 proportionality of the team.

Kroenke has offered $19,236 per share for some outstanding shares, the Journal said.