Kroenke, the owner of many major sports team in the USA, already owns nearly 30 percent of Arsenal. After the deal is completed, his share will be somewhere around 63 per cent. He said that he has offered the club's shareholders 11,750 pounds per share and already secured the support of Danny Fiszman and Nina Bracewell-Smith who owns 16.1 percent and 15.9 percent shares respectively.
In a statement, Kroenke said, "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."
The club's manager Arsene Wenger also welcomed the deal and was quoted as saying, "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. 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 is placed second behind Manchester United in the EPL standings.
As per the Takeover Panel rules, Kroenke must now make an offer for the remaining shares, of which 27 per cent is owned by Alisher Usmanov, the Russian steel czar.