US-based sports tycoon Stan Kroenke has moved closer to acquiring Arsenal Football Club (AFC) after triggering a takeover bid for the Premier League club's parent company.

Kroenke currently holds a 29.9 per cent stake in Arsenal Holdings - just below the threshold that requires a mandatory bid for the remaining shares in the company. However, it has been revealed that Kroenke has secured a formal undertaking with Lady Nina Bracewell-Smith and Daniel Fiszman to acquire their shares and take a 62.89 per cent stake.

Kroenke's KSE vehicle has now agreed the terms of a recommended mandatory cash offer for the remainder of Arsenal Holdings, which values the deal at £731m. "We especially wish to acknowledge and thank the board, Danny Fiszman and the Fiszman family, as well as Lady Nina Bracewell-Smith and her family, for the confidence they have had in me over the past years," said Kroenke.