When Stan Kroenke first invested in Arsenal in 2007, the North London club was valued at just a fraction of the price it would fetch on the market these days.
The Missouri-born billionaire initially bought a 9.9 per cent stake, steadily increasing his equity over the years until a £550m deal in 2018 saw him seize full control from former benefactor Alisher Usmanov.
Kroenke’s takeover valued Arsenal at around £1.8bn. According to Forbes, the club has appreciated in value by at least £200m since then, making them the 10th-most valuable team in the world in 2024.
The most valuable clubs in football, according to Forbes
RANK TEAM LEAGUE COUNTRY CURRENT VALUE (GBP) 1-YR VALUE CHANGE (%) REVENUE (GBP) OPERATING INCOME (GBP)
1 Real Madrid Spanish La Liga Spain £5.18 B 9 £685 M £60 M
2 Manchester United English Premier League England £5.14 B 9 £616 M £147 M
3 Barcelona Spanish La Liga Spain £4.39 B 2 £660 M £-114 M
4 Liverpool English Premier League England £4.21 B 2 £565 M £80 M
5 Manchester City English Premier League England £4.01 B 2 £683 M £115 M
6 Bayern Munich German Bundesliga Germany £3.93 B 3 £613 M £66 M
7 Paris Saint-Germain French Ligue 1 France £3.45 B 4 £592 M £-99 M
8 Tottenham Hotspur English Premier League England £2.51 B 14 £522 M £126 M
9 Chelsea English Premier League England £2.46 B 1 £487 M £0 M
10 Arsenal English Premier League England £2.04 B 15 £440 M £110 M
In reality, most people who TBR Football speaking to in the world of football finance believe that Arsenal’s true enterprise value is probably far higher.
Chelsea changed hands for £2.5bn in May 2022 and the £1-2bn that the new owners need to stump up to build a new stadium will have tapered that price. They also have a smaller global brand than Arsenal.
That deal, as well as the £100-200m than Dynasty Equity paid for a tiny equity stake in Liverpool, will be used as a benchmark, as will Silver Lake’s increased investment in Man City’s City Football Group.
Owner Stan Kroenke of the Los Angeles Rams waves to fans in the tunnel prior to an NFL football game against the Tampa Bay Buccaneers at Raymond Ja...
Photo by Kevin Sabitus/Getty Images
Granted, Arsenal’s value may have slowed somewhat in recent years due to their absence from the very upper reaches of Premier League and Champions League football.
But the Gunners, who face AS Monaco in the Champions League tomorrow night, have still been among the main beneficiaries of the soaring value of the Premier League’s broadcast rights.
While the Premier League is still miles behind the value of the NFL TV deal that Stan Kroenke helped engineer as owner of the Los Angeles Rams, investors recognise its unique global appeal.
Chart showing top sports leagues by revenue - Premier League, NFL , MLB and NBA
Arsenal’s resurgence on the pitch under Mikel Arteta has helped their value as an investment prospect appreciate further.
The North London club are subsequently looking at ways to expand the Emirates Stadium in order to capitalise financially on the galvanised fanbase.
And developments in recent days suggest that they are zeroing in on one area in particular to boost revenue and the recruitment and retention budget available to Arteta.
Stan Kroenke reignites JP Morgan alliance at Arsenal
As relayed by Bloomberg late last week, Arsenal’s ‘Diamond Club’ has a new sponsor: JP Morgan.
The Diamond Club is the most exclusive suite in the Emirates Stadium, with memberships costing around £40,000 per year.
Kroenke and JP Morgan already enjoy a close relationship, with the latter having brokered Kroenke’s takeover of Arsenal in 2018.
General view inside the stadium prior to the UEFA Champions League 2024/25 League Phase MD2 match between Arsenal FC and Paris Saint-Germain at Emi...
Photo by Alex Burstow/Arsenal FC via Getty Images
The gargantuan financial institution understands the value of football, having opened a sports-specific investment division last year, following in the footsteps of Macquarie and Goldman Sachs.
Speaking to TBR Football, industry insider Kieran Maguire says the club are using the partnership to further embed themselves in London’s most salubrious business circles.
“I think we’re likely to see more of this going forward. There is a huge increase in the gap between ultra-high net worth individuals and the rest,” said the Liverpool University football finance lecturer.
“There is an increasing concentration of wealth in the hands of fewer and fewer people. That is not a dig – it just a fact. Where the old fashioned ‘legacy fan’ fits into that isn’t clear.
Arsenal's revenue from 2012-13 to 2022-23
“But it makes sense for an institution such as Arsenal, which has lots of things to attract people of that ilk in terms of history and heritage.
“The club is in London and it’s high-profile. All of those things make it a place to do business.
“If you’re a businessperson, you invite someone along and take them to Arsenal’s Diamond Club.
“Arsenal have a big gap between their commercial income and that of the Northern clubs. That has to be addressed using the advantages that Arsenal bring to the table.
“One of those is that it has the business appeal of being in London. They have that gravitas.”
Emirates Stadium expansion: How big will it be and how much money will it generate?
Arsenal are one of just three Premier League clubs to generate more than £100m in annual matchday income.
But with a new wave of redevelopment projects kicking in, Kroenke knows the Gunners cannot afford to rest on their laurels.
Chart showing the matchday incomes (2013-2023) of Chelsea, Arsenal, Man United, Man City, Liverpool and Tottenham
The plan appears to be increase capacity at the Emirates Stadium to around 80,000, which a pro-rata calculation based on their current matchday incomes suggests would boost their earnings to £139m.
In reality, the increased focus on hospitality and other commercial initiatives mean that Arsenal’s true takings would probably be closer to £150m – and that is a conservative forecast.
That would make them the Premier League’s biggest matchday income generators. For the time being, at least.
Infographic sowing the matchday incomes plus stadium capacities and planned upgrades in the Premier League, featuring Newcastle United, Chelsea, Liverpool, Manchester City, Aston Villa, Leeds United, Tottenham, Arsenal and Everton
Man United will reclaim that crown when their rebuild or redevelopment of Old Trafford is complete.
In any case, there are many hurdles to jump – such as securing finance and planning permission – to clear before Arsenal are able to break down on a major revamp of their N5 home ground.
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