Stan Kroenke, the American sports tycoon, kicked off a possible £650 million takeover battle for Arsenal football club last night by netting ITV’s 10 per cent stake in the Premiership side.

The surprise move, which was announced after the market closed yesterday, comes ten days after a spokesman for the American billionaire insisted he had “no interest or intention in buying shares” in Arsenal.

Under the deal, Mr Kroenke is paying ITV £65 million for the 9.99 per cent stake the broadcaster picked up in 2000.

He has also signed a deal to assume ITV’s 50 per cent share in Arsenal Broadband, the club’s internet site.

The deal will fuel speculation that Mr Kroenke could be preparing to launch a full bid and become the latest American to buy a Premiership club.

Malcolm Glazer bought Manchester United for £790 million two years ago and last month his compatriots George Gillett and Tom Hicks snapped up Liverpool for £220 million.

Shares in Arsenal have climbed nearly 25 per cent since the start of the year on rumours of a deal. Yesterday the shares closed unchanged at £6,700. Mr Kroenke already has a connection to the Arsenal board after signing a marketing partnership with the Gunners earlier this year.

Three shareholders, led by Danny Fiszman, control more than half the stock in Arsenal, making it far from clear that a takeover would be possible.

However, analysts believe the club is an attractive proposition, given the established fan base and 60,000-seater Emirates stadium in North London.

Vinay Bedi, analyst at Brewin Dolphin, said a fortnight ago: “You can see the attractions of the Champions League clubs, and Arsenal are the only one in British ownership. It was only a matter of time before there was significant interest.’’

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