Colorado Rapids owner Stan Kroenke has upped his stake in Arsenal once again, this time taking his ownership to the 29.9% threshold.  Once the American businessman hits the 30% mark, he’ll be forced to make a mandatory takeover bid.

Via Guardian

The American businessman Stan Kroenke has bought his second batch of Arsenal shares this week, edging closer to the threshold that forces him to make a takeover bid.

The Premier League club said that Kroenke acquired 20 more shares at a cost of £170,000. Kroenke took his stake in Arsenal to 29.9% on Monday by purchasing 10 shares. If he reaches 30%, he has to make a takeover bid.

The American also owns the Colorado Rapids soccer club, the Denver Nuggets basketball franchise and the Colorado Avalanche ice hockey enterprise.