Arsenal agrees to $1.2bn takeover by Kroenke

English Premier League soccer club Arsenal said on Monday it had agreed to be taken over by American billionaire Stan Kroenke in a deal which would value the club at 731 million pounds (USD 1.2 billion).

Kroenke, who already owns close to 30% of the North London club said he had offered Arsenal shareholders 11,750 pounds per share and had already secured the backing of 17% shareholder Danny Fiszman and 16% shareholder Nina Bracewell-Smith.

Kroenke, who owns several major sports teams in the United States, now controls 63% of Arsenal's shares.

Under Takeover Panel rules, Kroenke is now compelled to make an offer for the remaining shares.

Russian steel magnate Alisher Usmanov is Arsenal's other major shareholder, holding a 27% stake through his Red and White Holdings vehicle.