Kroenke Joins Board Of British Soccer Team

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Colorado businessman Stan Kroenke has joined the board of the London-based Arsenal soccer organization in a move that could block a potential takeover.

The Denver-based investor became a non-executive director Friday, with a 12.4 percent share.

Through Kroenke Sports Enterprises, Kroenke controls the Denver Nuggets, the Colorado Avalanche and the Colorado Rapids. He also owns the Colorado Crush, the Colorado Mammoth, and the Pepsi Center -- site of the Democratic National Convention last month.

Kroenke has agreed in the next year not to increase his stake in Arsenal beyond 29.9 percent, unless Russian billionaire Alisher Usmanov or another party launches a takeover bid.

Then he would be able to do so with the consent of the board.

Kroenke says he hopes his background in sports management will be an asset to Arsenal in their commercial dealings.