The deal, through Delaware-based Kroenke Sports Enterprises (KSE), takes Kroenke’s shareholding to 62.89 per cent and triggers a mandatory offer to acquire the remaining shares.

Following the takeover, the top four football clubs in the Premier League will all be foreign-owned. The deal values Arsenal at £731 million and £11,750 a share.

Kroenke comments, ‘We are excited about the opportunity to increase our involvement with and commitment to Arsenal.

‘We intend to build on this rich heritage and take the club to new success. I am delighted that Peter Hill-Wood has agreed to support us by continuing as Chairman.’

Kroenke already owns a number of American sports franchises including National Football League team the St Louis Rams and the Denver Nuggets of the National Basketball Association.

Kroenke originally began his investment in Arsenal in April 2007 with the acquisition of 9.9 per cent of the club’s shares. He has slowly built up his holding since then, becoming a member of the board in September 2008.

The 32 per cent share purchase by Kroenke consists of 16 per cent from diamond dealer Danny Fiszman and 15.9 per cent from Indian-born businesswoman Nina Bracewell-Smith.

Peter Hill-Wood, chairman of Arsenal, adds, ‘The board of directors and I consider it a key responsibility to protect the ethos and spirit of the club.

‘Mr Kroenke, although relatively new to Arsenal, has shown himself to be a man who values and respects the history and traditions of this very special club that we cherish. We are confident that he will be a safe custodian of its future.’

Russian businessman Alisher Usmanov holds most of the remaining shares in Arsenal.