Stan Kroenke the American owner of the NBA team the Denver Nuggets has increased his holding in Arsenal to 29.6% and is now just 209 shares short of having to launch a takeover bid for the North London side.
Arsenal made the announcement this morning to the stock exchange after Kroenke spent a further £3.6 million buying up 427 shares.
Arsenal shares are currently valued at £8500.
If Kroenke does buy up the remaining 209 shares or 0.3% in shares to force the takeover it will marginalize Russian Alisher Usmanov who currently holds 25%.
Arsenal were one of the last big English clubs that had held out against a foreign takeover even though foreigners in fact control more than 50% of the shares.
Kroenke may have to sell the Nuggets in order to finance this deal otherwise Arsenal could end up saddled with even more debt.
At least Kroenke enjoys good relations with the board and in the event he does complete the take over very little is expected to be changed.