Stan Kroenke: No loan for Arsenal plan
LONDON -- American sports tycoon Stan Kroenke has reiterated that he does not intend to borrow money against Arsenal to fund his proposed purchase of the remaining shares in the Premier League club.
Kroenke made the pledge Friday in the official offer document for the 37 percent of shares he does not own. His offer values the club at about $1.2 billion.
KSE UK Inc., a company owned by Kroenke, says "that the offer will not be funded by debt finance secured against the club."
The mandatory bid was triggered last month when Kroenke increased his stake past a 30 percent threshold.
Copyright 2011 by The Associated Press