American businessman Stan Kroenke has added yet another professional sports team to his portfolio.
Kroenke, who currently owns the St. Louis Rams, Denver Nuggets, Colorado Avalanche and defending MLS Cup champion Colorado Rapids became the majority shareholder for Arsenal FC, according to the BBC.
Kroenke, who previously owned 29 percent of the London-based soccer club, absorbed an additional 33 percent to become the majority shareholder, and plans to purchase the rest of the club.
Arsene Wenger, the club's long-standing manager, said of Kroenke "I believe he has the best interests of Arsenal at heart.
"He understands the club's heritage and traditions and our ambition to run the club in a way which protects our long-term future."
Kroenke Sports Enterprises joins Fenway Sports Group (Liverpool), the Glazer family (Manchester United), Randy Lerner (Aston Villa) and Ellis Short (Sunderland) as the fifth American ownership group in the Premier League.
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