Denver, April 6:

The US businessman Stan Kroenke bought a 9.99 per cent stake in Arsenal from British television network ITV. Kroenke, a real estate developer who owns the NBA’s Denver Nuggets, the NHL’s Colorado Avalanche and the Colorado Rapids of Major League Soccer, said on Thursday that he also entered into “conditional arrangements” with ITV involving the sale of ITV’s 50 percent share in Arsenal Broadband Limited.

The total value of the deals would be approximately $128.1 million, Kroenke’s company said in a statement. A spokesman for Kroenke Sports Enterprises wouldn’t comment on whether Kroenke would attempt to buy Arsenal outright down the road.

“It’s always been our policy not to speculate on any investments,” said Paul Andrews, executive vice president and chief marketing officer for Kroenke Sports.

Kroenke Sports announced in February it had formed a marketing alliance with the Arsenal club to exchange business, commercial and marketing information, and share coaching and training philosophies.

Andrews said the marketing alliance led to Kroenke’s interest in Arsenal. “It’s fair to say he was impressed with them and made this investment due to the respect he gained in that process,” Andrews said.

Kroenke is the latest American businessman to invest in a European soccer team. Tom Hicks and George Gillette Jr recently completed their takeover of Liverpool. Tampa Bay Buccaneers owner Malcolm Glazer controls Manchester United, and Cleveland Browns owner Randy Lerner took over Aston Villa this season.