US billionaires strike for Arsenal and Southampton

The American takeover of English football is set to continue this week with bids expected from US billionaires for Arsenal and Southampton.

Arsenal chairman Peter Hill-Wood is due to meet Stan Kroenke, the American sports magnate, this week to discuss his intentions towards the club. Mr Kroenke, who has built a 12.2 per cent stake in the company that owns Arsenal, is also believed to have won the support of David Dein, who recently resigned from the board citing "irreconcilable differences". Mr Dein has a 14.6 per cent stake in Arsenal.

It is believed Mr Kroenke will appoint financial advisers after meeting Mr Hill-Wood, if he believes his bid has a chance of succeeding. JPMorgan Chase, the US investment bank, would be favourite to pick up the mandate after working on the takeover of Manchester United by Malcolm Glazer, the owner of the Tampa Bay Buccaneers American Football franchise.

Separately, Paul Allen, the billionaire co-founder of Microsoft, is in talks to buy Southampton FC.

In a statement to the stock market on Friday, the club said: "We have received, and are considering, a preliminary approach."

It is believed that the Southampton board will not oppose a takeover if they decide that Mr Allen will invest heavily in the team.

Mr Allen owns American Football side the Seattle Sea-hawks and the Portland Trail Blazers basketball team.

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