Kroenke scraps plans for full Arsenal takeover

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American billionaire Stan Kroenke is not interested in seizing control of Premier League giants Arsenal, according to the club.

Kroenke owns a 12 percent share in the Gunners and is poised to take a seat on the board in the very near future.

It has long been suggested the Missouri-born magnate has been planning to seize control of the north London club ahead of Uzbekistani tycoon Alisher Usmanov, who owns a 24 percent stake through his investment vehicle Red & White Holdings.

But Arsenal chairman Peter Hill-Wood told the Telegraph: "I don't think he has any intention, certainly in the short term. In the long term, in 10 years' time, he may take a different view. Things might change. He is certainly committed to not taking over the club."