The Associated Press

LONDON — American businessman Stan Kroenke moved closer to a mandatory takeover bid for Arsenal on Thursday by buying another 200 shares in the Premier League club.

Two days after buying 427 shares, the London club's largest shareholder increased his stake to 29.9 per cent. He must make an offer for the remainder of the issued shares if his stake reaches 30 per cent.

With half of his latest acquisition sold to him by Arsenal chairman Peter Hill-Wood, that now appears even more likely to happen.

Kroenke paid 1.7 million pounds (C$3 million) for his latest 0.3 per cent stake, valuing the club at about 567 million pounds (C$1 billion).

The Denver-based businessman has yet to say whether he intends to buy the north London side, which is without a trophy since 2005 but is currently third in the Premier League and unbeaten in two months.

In Britain, individuals or groups wishing to make a takeover bid must announce their intentions if speculation affects the company's share price.

If Arsenal is taken over by Kroenke -- or Russian businessman Alisher Usmanov, the club's second-largest shareholder -- it would become the 11th club in the 20-team Premier League to fall under foreign ownership.

The latest was Birmingham, which was bought by Hong Kong businessman Carson Yeung last month. Others include Chelsea, Manchester United, Liverpool, Aston Villa, Sunderland, Manchester City, Fulham, West Ham and Portsmouth.

Kroenke also owns the Colorado Rapids, the Denver Nuggets and the Colorado Avalanche.