In August 2018, having been co-owners since 2007, Stan Kroenke bought Russian billionaire Alisher Usmanov’s 30 per cent shareholding for over £600m, ending a long power struggle for ultimate control of the club and taking his total stake to 97 per cent. The American billionaire also bought out the remaining independent shareholders, taking the total cost of the transaction north of £600m, of which more than £550m was borrowed from Deutsche Bank.
The Kroenkes have just authorised another summer of significant spending. Almost £250million was spent, including the marquee signings of striker Viktor Gyokeres from Sporting CP for £54.8m and midfielder Martin Zubimendi from Real Sociedad for £55.8m. There was also a deal worth up to £67.5m for Eberechi Eze from Crystal Palace, with Josh in London playing a key role in the transfer.
Since KSE’s 2018 buyout there has been an evident shift in Arsenal’s approach to transfers. Between 2018-19 and 2023-24, Arsenal had a gross spend in the region of £1.1billion. If you add 2024-25’s spending (£104m) and what they forked out this summer (£245m), they are now over the £1.4bn mark. The figures from 2024-25 and 2025-26 exclude agent fees and transfer levies as we are yet to have the accounts for the year ended May 31, 2025.
This spending puts them in the same ballpark as Liverpool, Manchester United and Manchester City, but is still shy of Chelsea, who have spent more than £2bn in the same period, although their net spend will be much lower than that figure given their success at selling players.
But one area that has left plenty to be desired is Arsenal’s difficulties in selling players, especially when compared to Liverpool and Chelsea. KSE wants the club to improve in this area as there is a sense they have often missed the right moment to offload a player. Given they want Arsenal to be a self-sufficient operation, maximising player value is paramount.
One area KSE are yet to venture into — although it is something they continue to give consideration — is expanding a multi-club model. They own the Colorado Rapids in MLS, but have not created a network of clubs. City Football Group, for example, has 13 clubs in its portfolio. Chelsea’s owners, Clearlake Capital and Todd Boehly, have added French side Strasbourg.
If MLS decide to shift its calendar from February to December to August to May, taking it in line with Europe, there may be scope for further collaboration between Arsenal and Colorado Rapids, as well as the possibility of buying other clubs.
Since their complete takeover, and up to the most recent set of accounts published on Companies House for the year ended May 31, 2024, the Kroenkes have injected £329m into the club via shareholder loans.
Prior to their buyout, there was always a sense they had felt inhibited by not being in total control — at least where investment is concerned — and the evidence since 2018 indicates they are happy for the club to spend vast sums of money in the transfer market, as opposed to taking cash out of Arsenal via dividends.
There is no suggestion in the accounts that Arsenal are having to fund any interest payments on the Deutsche Bank loan, which is accounted for on the books of Delaware-registered KSE Inc.
When it comes to fan sentiment, the Kroenkes have had an up and down time of it. Their takeover was met with resistance from supporters, while their decision to sign Arsenal up to the doomed European Super League (ESL) in April 2021 — along with Manchester United, Manchester City, Tottenham Hotspur, Chelsea and Liverpool — was met with widespread protests.
After the ESL collapsed and the six English clubs withdrew within days, Arsenal’s board released a letter to fans, saying it was never their “intention to cause such distress” and acknowledging they “made a mistake”.
Following the ESL debacle, Arsenal created the Arsenal Advisory Board (AAB), consisting of fan representatives and Arsenal board members and senior executives, including Josh Kroenke and Lewis. The AAB meets three times a year in person and twice virtually.
KSE’s defining moment arguably still evades them, and will continue to do so until the men’s team can lift either the Premier League or Champions League.
One fan commented: ‘ I was among those sceptical when Kronke took over Arsenal completely. We've seen what the Glazers have done with United, there was enough reason for skepticism and ESL eroded trust further. But, yes, credit where it's due. Josh in particular is visible and KSE as such have been good at Arsenal. We used to struggle under massive loans and our spending was far often beaten by smaller teams. We've come a long way. We can outbid teams or compete financially. We target top players and more often than not - get them. We backed a young inexperienced coach in Arteta and once fans and the manager fell in place, we continue to back him and his decisions. Arsenal is being run very well under Kronke.’