LONDON —  American businessman Stan Kroenke has moved closer to a mandatory takeover bid of Arsenal after buying another 200 shares in the Premier League soccer club.

The London club's largest shareholder increased his stake to 29.9 percent, nearing the 30 needed to force a takeover. He previously held a 29.6 percent stake.

Kroenke's latest acquisition cost him $2.8 million. Half the shares came from Arsenal chairman Peter Hill-Wood.

The Denver-based businessman, who already bought 427 shares this week, also owns the Colorado Rapids, the Denver Nuggets and the Colorado Avalanche.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.