Stan Kroenke has confirmed he has increased his stake in Arsenal to 62.89% as he closes in on a takeover of the club.

Today KSE, UK, INC. (“KSE”) has announced an Offer for Arsenal Holdings PLC.

As part of the Offer KSE, which is a company owned by existing Arsenal Director Stan Kroenke, has committed to continue to operate the Club in line with our existing self-sustaining business model.

Mr Kroenke has a proven track record of successful long-term investment in sport and has confirmed that he has asked the existing Board to remain in place. This includes Mr Peter Hill-Wood as Chairman. Mr Kroenke is also fully supportive of Manager Arsène Wenger whom he has stated is a wonderful manager.

KSE has also stated that the offer will not be funded by debt finance secured against the Club.

The Independent Directors of Arsenal comprising of Mr Hill-Wood, Ivan Gazidis, Ken Friar, Sir Chips Keswick and Lord Harris of Peckham have considered these confirmations as well as the Offer price and, having received advice from an independent adviser, Rothschild, are recommending that shareholders accept the Offer.

The American, who already owned 29.9% of the club, has increased his shareholding after agreeing deals to buy shares owned by Danny Fiszman and Lady Nina Bracewell-Smith.

The deal sees Kroenke acquire the 16.1% owned by Fiszman and Lady Bracewell-Smith's 15.9% stake to take his holding to 62.89%.

As a result of passing the 62% threshold under stock market rules, a takeover bid would be triggered and he has agreed terms for the purchase of the remaining stock which values the club at £731million.

Terms have also been agreed for Kroenke Sports Enterprises to buy up the remaining share capital at a cost of £11,750 a share.

Kroenke said in a statement to the Stock Exchange: "We are excited about the opportunity to increase our involvement with and commitment to Arsenal.

"Arsenal is a fantastic club with a special history and tradition and a wonderful manager in Arsene Wenger.

"We intend to build on this rich heritage and take the club to new success. I am delighted that Peter Hill-Wood has agreed to support us by continuing as chairman.

Kroenke first took a stake in Arsenal in 2007 when he purchased the 9.9 per cent which was owned by Granada.

Kroenke has major interests in sporting teams throughout America as his company also owns the Denver Nuggets of the NBA, Colorado Rapids of Major League Soccer and the NFL's St. Louis Rams.

If Kroenke takes charge of Arsenal, they would be the fifth Premier League club to become American-owned, along with Manchester United, Aston Villa, Sunderland and Liverpool.

Arsenal Manager Arsene Wenger had this to say:

"I have worked with Stan Kroenke at board meetings over the past couple of years and I believe he has the best interests of Arsenal at heart," said Wenger

"He understands the club's heritage and traditions and our ambition to run the club in a way which protects our long-term future."

Arsenal chairman Peter Hill-Wood, who initially said the Gunners did not want said:

Kroenke's "sort" involved at the club when KSE bought their initial stake four years ago, said: "The board of directors and I consider it a key responsibility to protect the ethos and spirit of the club.

"Mr Kroenke, although relatively new to Arsenal, has shown himself to be a man who values and respects the history and traditions of this very special club that we cherish. We are confident that he will be a safe custodian of its future.