What could happen next?

As soon as Stan Kroenke hits 30 per cent of Arsenal’s shares, he will have to launch a takeover bid for the whole company.

What would the Takeover Panel make of this?

The City regulator that monitors dealings in UK companies would expect Kroenke to have enough cash to launch a fully funded bid immediately if he hit 30 per cent.

How much could that be?

He would have to bid for the rest of the shares at the highest price he had paid in the preceding 12 months. On May 1, he paid £10,500 each in a 4 per cent block. That has to be his bid price.

Suppose Kroenke did not have the available funds?

The panel has been keeping an eye on the situation and would be angry with Kroenke if he hit 30 per cent without having the cash to buy the club. Kroenke’s only option would be to apologise to the panel, which would make him sell the shares to get back below 30 per cent.

How closely is the American being watched?

The panel has looked at Kroenke’s stake-building to see if he is “acting in concert” with other Arsenal shareholders, which includes Danny Fiszman, from whom he bought shares for which he still owes £50 million. “Acting in concert” means you have teamed up with other shareholders to gain control without telling the panel, which is against City rules. However, the panel decided this year that Kroenke had not teamed up with other shareholders, despite arguments to the contrary from Alisher Usmanov, the Russian, who owns 25 per cent of the club.

How likely is the takeover?

Ladbrokes offer 3-1 that Kroenke makes a bid by the end of this month, but we think that unlikely.

What are Kroenke’s intentions?

We think that he has assured the club that he doesn’t want to buy it. What he seems to be doing is trying to make sure that Usmanov cannot buy the club by purchasing as many spare shares as possible.

Any behind-the-scenes jostling for position?

The lurking danger is that Lady Nina Bracewell-Smith, who has a tempestuous relationship with the board, sells out to Usmanov.

Is Usmanov really interested in a takeover?

Probably not. He could spend another £100 million on shares and barely move forward. What he might do is ask the Takeover Panel to look again at whether Kroenke is “acting in concert”.