American businessman Stan Kroenke yesterday acquired a dominant stake reaching 62.89 per cent of the club's shares, four years after buying into the club.

His company, Korenke Sports Entertainment (KSE) acquired both Danny Fiszman's (16.1 per cent) and Lady Nina Bracewell-Smith's stakes (15.9 per cent). KSE announced it would be making a bid to purchase the remaining shares.

Most of the latter are currently held by Russian billionaire, Alisher Usmanov, who owns 27 per cent of the club.

Stan Kroenke said he and his company were "excited about the opportunity to increase [their] involvement" at the club, describing Arsenal as fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger".

The 63-year-old businessman received support from both Wenger and Peter Hill-Wood, the club's chairman. The latter said he was "confident that [Kroenke] will be a safe custodian of its future".

The north London team is currently valued at £731m and has a debt burden of £147m. Fears that the takeover could increase the club's burden were brushed aside by a stock statement issued by KSE, in which it insisted that "the offer will not be funded by way of any debt finance".

KSE have stated they are pleased with the way the club is working at the moment, however, their stance on the transfer market remains uncertain.

Arsenal are currently second in the Premiership and still in the race for the title. This takeover would turn the north London side in the tenth foreign owned top flight football squad in the country.