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Kroenke moves closer to Arsenal takeover threshold

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November 23, 2009 10:54 AM EST | AP

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LONDON — American businessman Stan Kroenke has bought 10 more Arsenal shares to put him closer to the threshold that forces him to make a takeover bid.

The Premier League soccer club announced on Monday that Kroenke, who is also a director of the club, has control of 18,604 ordinary shares in the company, representing 29.9 percent. If he reaches 30 percent, he has to make a takeover bid.

The Denver-based businessman owns the Colorado Rapids, Denver Nuggets and the Colorado Avalanche.