American businessman Stan Kroenke has agreed to a full takeover of Arsenal that values the Premier League club at $1.2bn and should end the long-running uncertainty about its ownership.



Kroenke agreed to increase his holding from 29.9 percent to 62.89 per cent by acquiring shares from fellow directors Danny Fiszman and Nina Bracewell-Smith, Arsenal Holdings said Monday in a statement to London’s Plus Market.



After taking his stake over the 30 percent threshold, Kroenke needs to make a mandatory cash offer for the remaining shares in Arsenal.



“We are excited about the opportunity to increase our involvement with and commitment to Arsenal,” Kroenke said in a statement. “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.”



Four other Premier League clubs are owned by Americans—Malcolm Glazer at Manchester United, John Henry at Liverpool, Randy Lerner at Aston Villa and Ellis Short at Sunderland—while Chelsea, Manchester City, Fulham, Blackburn and Birmingham are also owned by foreigners.

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Kroenke has pledged to “support and adhere to the self-sustaining business model” at Arsenal, which has a tradition of being well-run, avoiding big transfer fees and relying on talent developed through its youth teams.