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Kroenke set to buy St Louis Rams Kroenke set to buy St Louis Rams
(about 1 hour 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 said he intends to take full ownership of the 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. The move surprised observers as it was thought that Mr Kroenke was focusing on a possible bid for Arsenal football club, where he already holds 29.98%.
The owners of the remaining 60%, Chip Rosenbloom and Lucia Rodriguez, had struck a deal to sell their controlling interest to businessman Shahid Khan. Mr Kroenke, who owns 40% of the Rams, will have to spend about $750m (£486m)to buy the rest of the NFL team.
But Mr Kroenke had first refusal on that stake, which he has now exercised. However, Henk Potts, analyst at Barclays Stockbrokers, said the Rams' deal did not preclude an Arsenal bid.
The owners of the remaining 60% stake in the Rams, 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, and had until a deadline on Monday to decide whether to exercise his option.
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 RamsMATT 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. His move will raise further questions about the future ownership of Arsenal, the English Premier League club.
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. The move was 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.
Mr Potts said: "Obviously, the Rams deal involves a significant amount of money and could be a significant distraction for Mr Kroenke in the short term.
"But what it does show is that Mr Kroenke is a serious investor in sport, and I'm sure he has enough money to do an Arsenal deal if he wants."