{"id":13770,"date":"2026-07-25T18:45:21","date_gmt":"2026-07-25T17:45:21","guid":{"rendered":"https:\/\/www.goonerholicsforever.com\/?p=13770"},"modified":"2026-07-30T11:49:39","modified_gmt":"2026-07-30T10:49:39","slug":"so-what-have-the-kroenkes-ever-done-for-us-and-where-next","status":"publish","type":"post","link":"https:\/\/www.goonerholicsforever.com\/?p=13770","title":{"rendered":"So, What Have The Kroenkes Ever Done For Us? And Where Next?"},"content":{"rendered":"\n
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Since Kroenke Sports & Entertainment (\u201cKSE\u201d) completed the takeover at Arsenal in September 2018, the club has undergone a gradual, considered, methodical transformation at all levels. Like all revolutions – for that is what it has been – some of it has been bloody; some of it deeply unpleasant. Cast your mind back to April 2021. Arsenal, among a group of the very top-level European clubs \u2013 and Tottenham, more than a little incongruously \u2013 sought to break away from the Premier League and UEFA and create the European Super League (\u201cESL\u201d). This prompted considerable societal wailing and gnashing of teeth and a massive fall-out with fans who saw the move as an unwanted break with our storied past. There was a mass protest at the ground before a game, which the players and staff certainly witnessed as they went past in the coach.<\/p>\n\n\n\n

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However, since KSE\u2019s takeover, and in truth likely before, the Kroenkes have had a plan for the club. Undoubtedly they made a huge mistake with the ESL. But let\u2019s take a wider look at what KSE has brought to the party across arguably the most significant areas and then add some thoughts on the direction of travel in the future.<\/p>\n\n\n\n


Finance & Investment<\/strong><\/p>\n\n\n\n

Clearly the financing<\/a> which KSE has brought to bear has underpinned the turning around of the tanker, which looked in serious danger of running aground. After buying out Usmanov, the previously parsimonious Kroenke approach changed radically. In hindsight, this approach was wholly understandable. Why should they pump money into a venture when the other major shareholder would benefit disproportionately? Unfortunately, the pre-takeover stasis only fed the inertia at the club, pulling us further down and eventually ensuring that we fell out of the lucrative Champions League.<\/p>\n\n\n\n

It is estimated that, under KSE, the club has invested a gross \u00a31.4bn in transfers. Up to May 31st 2024, KSE had also injected around \u00a3330m in shareholder loans, including around \u00a3180m essentially to buy back the outstanding bonds on the Emirates Stadium debt and refinance with loans from KSE itself. This was key as the previous loans were covenanted by gate receipts, which during COVID were zero. In the event of insufficient cash to pay the interest, technically bond holders may have been able to file for default. This move by KSE was also designed to take advantage of the globally lower interest rates prevailing as a result of quantitative easing, reducing the interest burden on the club. They had to pay a significant premium for early redemption of the bonds and to buy out the interest rate swaps used to turn the original slice of floating rate debt into fixed rate.<\/p>\n\n\n\n

One area of the financial model at the club which lagged behind for years was the commercial revenue. Until the full purchase by KSE, this financial pillar was essentially a sleeping giant and significantly trailed Manchester United, the acknowledged leader in exploiting the \u201cbrand\u201d. Since KSE\u2019s takeover, the number and quality of \u201cpartners\u201d and the revenue they generate has risen considerably, acknowledging the money which Arsenal had been leaving on the table hitherto. The volume and price of merchandising likewise. No Arsenal fan can fail to have noticed that commercial activities have gone from horse-and-cart pace to full-on Star Trek warp speed in recent years. The table below compares the commercial revenue figures from the season prior to the arrival of KSE to the latest available, sourced from relevant club accounts. I would expect the Commercial figures to rise again sharply in the 25\/26 accounts as KSE works further to close this gap. The recently reported renewal of the Emirates sponsorship and stadium naming rights deal, with an annual uplift, should continue to lift revenues in coming seasons.<\/p>\n\n\n\n

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At the same time, KSE has knitted together commercial activities across its sporting portfolio, in order to enable a strategy, unique in the sports ownership world, of offering sponsorship opportunities across multiple sports simultaneously.<\/p>\n\n\n\n

One note of caution in all this is that the club is highly dependent on continued financial support from KSE, to the extent that the auditors only signed the 24\/25 accounts off after a legally binding commitment by KSE to fund transfer and operational deficits. This doesn\u2019t pose a risk as long as Arsenal remains core to the ambitions of KSE. Rather it is a part of the overall KSE financial model, which is \u201cbuy, develop and hold\u201d, focusing on growing the capital value rather than on extracting value through dividends. The Kroenkes put enterprise valuation growth at the centre of their financial model and as a result, have seen the valuation of KSE rise from US$8.4bn<\/a> in 2019 to US$21.2bn<\/a> in 2025.<\/p>\n\n\n\n

Club Infrastructure<\/strong>
The owners believe deeply in the need for strong senior management and executive teams. The club had Ivan Gazidis as CEO when they took over in 2018\u2013 a man many Arsenal fans remember for the articulacy of his speech and the dissonant lack of action to back it up. Gazidis left in December 2018 to little outcry. Vinai Venkatesham assumed the Managing Director role at this point, having joined originally as Commercial Director, a role in which he failed to move the needle. In 2020, KSE put Tim Lewis in \u2013 a Magic Circle law firm partner whom they had engaged over several years \u2013 as an Executive Vice-Chairman, essentially to function as their eyes and ears in the boardroom. He inherited Raul Sanllehi, who left in August 2020, alarmingly shortly after Lewis\u2019s arrival. That departure too caused little distress given that he was reportedly largely responsible for the record signing for \u00a372m of Pepe the summer before. Venkatesham left in 2024. Since then, the owners have built a senior management team made up of acknowledged top-level operators, with the likes of Richard Garlick and Andrea Berta. In terms of the board, Josh Kroenke has moved in as have senior KSE executives Kelly Blaha, Otto Maly and Dave Steiner \u2013 in non-executive roles. All three had major roles in planning and delivering the SoFi stadium in LA for KSE. More of which later.<\/p>\n\n\n\n

At first team level, the support team around Mikel Arteta has grown now to the level that the Tuesday Club podcast describes them as \u201cThe Pit Crew\u201d \u2013 so many are they and the roles they fulfil. And when they move on \u2013 Carlos Cuesta for example \u2013 plans are in place to replace and adjust where necessary. Moreover, this summer we have seen the owners put considerable focus onto trying to ensure that our injury record is analysed with a view to improving it. A new Head of Medical is in place, as well as further hires in this area. Incumbents have been released. There is a pattern.<\/p>\n\n\n\n

KSE has enabled investment in both the training ground and Hale End academy, helping to strengthen internal options for the first team. Per Mertesacker was allowed to develop the Academy and create his \u201cStrong Young Gunners<\/a>\u201d ethos which now runs through the academy as though it were a stick of rock. Part of this is preparing players for the likelihood that they will not make it to the first team, ensuring that they have the tools to deal with this disappointment and move on to success elsewhere, within or outside of football.<\/p>\n\n\n\n

Further, there are strong rumours that a stadium development \u2013 of what kind we know not \u2013 is being considered. The fact that KSE has seconded the serious big hitters named above from the KSE mothership would seem to be a major signal. They played major roles in the planning, financing and delivery of the SoFi Stadium, home to the now L.A. Rams. Property development and the development of venues alongside wider entertainment and shopping facilities have been a key part of the wider KSE strategy.<\/p>\n\n\n\n

Following the ESL debacle, the ownership has put in place more direct links with supporter groups through fan fora as well as the Arsenal Advisory Board<\/a> (AAB) consisting of board members and senior fan representatives. Overall, a serious upgrade on the days of the Hill-Woods and the \u201cwe thank you for your interest in our affairs\u201d approach.<\/p>\n\n\n\n

Looking to the Future<\/strong>
Past KSE behaviour probably gives us the best guide to what comes next. The pattern of KSE ownership tends to be one of patient building up of each \u201cfranchise\u201d, setting up the infrastructure and a base from which to build, rather than Chelsea or City ownership models.<\/p>\n\n\n\n

This can be witnessed not only in the way they have taken Arsenal from a pretty chaotic place, since taking full ownership in 2018, to Premier League success.<\/p>\n\n\n\n

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Similarly, it took 8 years of KSE ownership for The LA Rams to make the NFL play-offs, since when they have been regulars, as well as winning the Super Bowl. The Denver Nuggets have in recent years won the NBA championship as have the Colorado Avalanche in ice hockey. Clearly KSE is committed to sporting success.<\/p>\n\n\n\n

However, it is notable that none of the KSE achievements, on an individual club basis, form part of what could be called a period of domination, as we have seen down the years in football. Perhaps the sheer scale and financial power required to do so in US sports make this a struggle; Perhaps the structural differences in the way the North American leagues work \u2013 e.g. draft systems, no relegation or promotion – make comparisons difficult or indeed unhelpful; Perhaps the North American leagues are in rather more of a \u201csteady state\u201d \u2013 hugely profitable with few if any new entrants, creating a situation where, for the ownership at least, there is little incentive to strive to create dynastic sporting success. In contrast, perhaps the Premier League rather more resembles a gold rush; New owners are coming in all the time; few profits are being made; but those owners with sufficient foresight and capacity to invest will win the day.<\/p>\n\n\n\n

Arsenal, while not being profitable – true of almost all Premier League clubs \u2013 is highly cash generative, with revenues growing fast, aided by a now fully functioning commercial department. It makes sense for KSE to continue to back the club. All of this financial supercharging is designed to create an improved platform for sporting success for the club. And the model has, in large part, worked for the other clubs within the KSE sports portfolio. This is hugely encouraging from the perspective of us as fans. We crave the prolonged period of success we achieved in the 1930s and, to a lesser extent, in the early Wenger years.<\/p>\n\n\n\n

Conclusions<\/strong>
I would expect to see further focused investment on the playing side in order to maintain our current competitiveness. As I write we are linked with all manner of top players, likely to require significant fees and wages. We are currently top of the pile in the Premier League. Our competitors will not stand still. City have already spent a Sheikh\u2019s ransom on Anderson from Forest. Even the lowly neighbours are getting in on the act. Whether they have overpaid as a result of the feat of finishing 17th again, only time will tell. We certainly need cover for the players we know are still not physically right; Rice, Saka, \u00d8degaard, Saliba all went deep into the World Cup and may need extensive rest before being involved in the coming season. White and Timber have both had significant, and recurring, injury problems. This is all before we even consider adding the attacking firepower we all think is necessary to maintain our position and make our football more compelling again.<\/p>\n\n\n\n

Perhaps linked to our lack of transfer activity, is the absence of a new contract for the manager, who is now into his final year. Given that Arteta has been absolutely key to our success in the pitch, it is difficult to imagine this is due to any unwillingness on KSE\u2019s part to renew.<\/p>\n\n\n\n

At Hale End, Mertesacker\u2019s successor has been announced. I expect the Academy to continue to focus on raising the quality of players it produces, benefitting the first team. I also expect to see a greater focus on monetising the players produced. In comparison with Academies at City, Chelsea and even Liverpool, we seem to find it difficult to sell on home-grown players in volume for top prices. Such players, from an accounting and PSR standpoint, generate pure profit. This approach is something of a balancing act, however. I for one would not wish to see the Arsenal academy turned into a factory production line, treating young players as little more than indentured serfs. The soft side of Mertesacker\u2019s reign is something the club ought to try to keep as a central tenet.<\/p>\n\n\n\n

Overall, KSE ownership has thus far been a great benefit to Arsenal. After initial teething troubles, which nearly required a wholesale extraction, they have behaved as well as ownership of a medium-to-large business can. They understand that the aims of the fans \u2013 almost solely focused on the playing side \u2013 and their own aims \u2013 maximising the value of their investment \u2013 need to knit together. The have delivered a massive improvement in competitiveness both in the Premiership and Champions\u2019 League and the title we all wanted in the Premier League. Neither have they been deaf towards the softer, cultural side, with Josh Kroenke in particular appearing to buy into what Arsenal means to us. Who would have thought that would be the case back in April 2021?<\/p>\n","protected":false},"excerpt":{"rendered":"

Since Kroenke Sports & Entertainment (\u201cKSE\u201d) completed the takeover at Arsenal in September 2018, the club has undergone a gradual, considered, methodical transformation at all levels. Like all revolutions – for that is what it has been – some of it has been bloody; some of it deeply unpleasant. Cast your mind back to April […]<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[33,12,28,10],"tags":[],"_links":{"self":[{"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=\/wp\/v2\/posts\/13770"}],"collection":[{"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13770"}],"version-history":[{"count":21,"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=\/wp\/v2\/posts\/13770\/revisions"}],"predecessor-version":[{"id":13872,"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=\/wp\/v2\/posts\/13770\/revisions\/13872"}],"wp:attachment":[{"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.goonerholicsforever.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}