American kicks in for soccer stake

Kroenke pays ITV for Arsenal Broadband

LONDON — U.S. sports entrepreneur Stan Kroenke has paid £22.7 million ($44.9 million) to Brit terrestrial web, ITV, for a 50% stake in the English soccer web operation, Arsenal Broadband.

The holding will be owned by Kroenke’s vehicle, KSE, and follows his purchase of a 10% stake in the top flight Premier League soccer club from ITV a year ago, for which he forked out around $80 million.

For the British web, the sale reps its final off-loading of its interests in English soccer clubs.

ITV’s commercial and acquisitions director Tom Betts said: “This completes the sale of our football assets which has seen us successfully raise £101 million ($200 million) in just over a year.”

Since Carlton and Granada TV merged to form ITV in February 2004, the broadcaster has raised more than $1.2 billion by selling non-core assets including a stake in Oz’s Seven Network.

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