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| Kroenke set to buy St Louis Rams | Kroenke set to buy St Louis Rams |
| (about 2 hours later) | |
| US billionaire Stan Kroenke has announced his intention to take full ownership of the NFL's St Louis Rams American football team. | US billionaire Stan Kroenke has announced his intention to take full ownership of the NFL's St Louis Rams American football team. |
| Mr Kroenke, who already owns 40% of the team, had until Monday to decide what to do with his stake. | Mr Kroenke, who already owns 40% of the team, had until Monday to decide what to do with his stake. |
| The owners of the remaining 60%, Chip Rosenbloom and Lucia Rodriguez, had struck a deal to sell their controlling interest to businessman Shahid Khan. | The owners of the remaining 60%, Chip Rosenbloom and Lucia Rodriguez, had struck a deal to sell their controlling interest to businessman Shahid Khan. |
| But Mr Kroenke had first refusal on that stake, which he has now exercised. | But Mr Kroenke had first refusal on that stake, which he has now exercised. |
| He said in a statement: "We look forward to working with the Rosenbloom family and the NFL to complete this transaction. We will respect the league and its processes in our efforts to complete this transaction." | He said in a statement: "We look forward to working with the Rosenbloom family and the NFL to complete this transaction. We will respect the league and its processes in our efforts to complete this transaction." |
| MATT SLATER'S BLOG Kroenke has shocked US observers by deciding to match Khan's $750m bid for the Rams | |
| However, he is now likely to fall foul of the NFL's cross-ownership rules, which state that owners cannot have a majority interest in an NFL team in one city if they control another major league sports team elsewhere in the US. | However, he is now likely to fall foul of the NFL's cross-ownership rules, which state that owners cannot have a majority interest in an NFL team in one city if they control another major league sports team elsewhere in the US. |
| Mr Kroenke already owns the NBA's Denver Nuggets basketball team, the NHL's Colorado Avalanche hockey team and Major League Soccer's Colorado Rapids. | Mr Kroenke already owns the NBA's Denver Nuggets basketball team, the NHL's Colorado Avalanche hockey team and Major League Soccer's Colorado Rapids. |
| He is also active in the English Premier League as the holder of 29.98% of Arsenal shares. | He is also active in the English Premier League as the holder of 29.98% of Arsenal shares. |
| On Monday, it emerged that another Arsenal shareholder, Lady Nina Bracewell-Smith, who holds 15.9% of the club, was seeking to sell her stake. | On Monday, it emerged that another Arsenal shareholder, Lady Nina Bracewell-Smith, who holds 15.9% of the club, was seeking to sell her stake. |
| The move is expected to prompt a bidding war between Mr Kroenke and his main rival, Russian tycoon Alisher Usmanov, who has 26.29% of the club's shares. | |
| If a shareholder's stake in a company reaches 30%, he or she has to offer to buy the entire stockholding. | If a shareholder's stake in a company reaches 30%, he or she has to offer to buy the entire stockholding. |