Arsenal owner Stan Kroenke’s wealth rises by £323million amid coronavirus crisis

Arsenal owner Stan Kroenke’s wealth rises by £323million amid coronavirus crisis

Stan Kroenke, Arsenal owner has seen his personal wealth rise in the opening months of 2020, despite the ongoing coronavirus pandemic which led to pay cuts at the Emirates Stadium.

A study published by TheInstitute for Policy Studies detailed that owner Stan Kroenke had seen his personal wealth increase by £323million since the start of 2020.

The Gunners owner, 72, is valued at £8.1bn by Forbes.

Via his Kroenke, Sports and Entertainment (KSE) vehicle, the American owns not just Arsenal, but also the Los Angeles Rams (NFL), Denver Nuggets (NBA), Colorado Avalanche (NHL) and Colorado Rapids (MLS).

Despite all of those teams currently being out of action – with uncertainty reigning over the vast majority of the world’s sport – and the global financial issues brought about by the worldwide coronavirus pandemic, the IPS study – entitled the 2020 Billionaire Bonanza – detailed Kroenke’s wealth has risen considerably since the start of the year.

Additionally, his wife, Walmart heiress Ann Walton Kroenke, has seen her own wealth rise by a further £97million.

Arsenal became the first club to agree cuts with their players in April, after intensive talks which initially saw the squad refuse to take a reduction in wages.

They subsequently agreed to take a 12.5 per cent drop for 12 months until March next year, with the club hoping to save £25million.

Players did so after head coach Mikel Arteta stepped into negotiations, helping to convince the squad that the club needed financial help.

If they reach next season’s Champions League, then players will receive money back, with the percentage of the cuts being reduced.

Idowu Babalola Photo
Idowu Babalola

Socially Not Social. IG & Twitter - @Idbragga

All author posts
Related Posts
Osimhen Awarded Power Horse Emerging Player Of The Year
Osimhen Awarded Power Horse Emerging Player O...

Victor Osimhen, the Nigerian striker currently playing for SSC Napoli has received the Power Horse Emerging Player of the...

Tokyo 2020: Okagbare, Nwokocha Qualify For Women’s 100m Semi-finals
Tokyo 2020: Okagbare, Nwokocha Qualify For Wo...

Okagbare, Nwokocha qualify for women’s 100m semi-finals Team Nigeria’s duo of Blessing Okagbare and Grace Nwokocha on Friday qualified...

FIFA President congratulates Donald Trump
FIFA President congratulates Donald Trump

FIFA president Gianni Infantino has congratulated Donald Trump ahead of his return as US President Trump has declared victory and looks on...

Write A Comments