Stan Kroenke Ups Stake In Arsenal

03/18/2010 05:12 am ET | Updated May 25, 2011

LONDON (AP) -- American businessman Stan Kroenke has increased his stake in Arsenal and is now within 17 shares of the threshold that forces him to make a takeover bid.

The Premier League club said Monday that Kroenke acquired 25 more shares last week at a cost of $342,400.

The Denver-based Kroenke upped his stake in Arsenal to 29.9 percent last month. If he reaches 30 percent, he has to make an offer for the remaining shares.

Alisher Usmanov is the club's second-largest shareholder with 26 percent, but the Russian has not been invited to join the board of directors.