Arsenal make £3m payment to ‘Silent’ Stan’s company
Arsenal’s latest financial returns to the 31 May 2014 show that a £3m payment was made to majority shareholder Stan Kroenke’s company KSE LLE.
The payment was made to KSE LLE for “strategic and advisory services” provided to Arsenal’s broadband and media department, which raises funds by selling three-hour blocks of weekly media content on Arsenal for the lucrative international market.
Kroenke has never taken any dividends from his American sports franchises, which include NBA basketball’s Denver Nuggets and the NFL side St Louis Rams.
£3m equates to the amount Arsenal will raise from the 3% rise on season-ticket prices for this season, 2014/15.
Commenting on the financial results last week Arsenal Chief Executive Ivan Gazidis made no mention of the £3m payment to Kroenke’s company, when he said:
“The club is in excellent shape, both on and off the pitch.”
“There is always more to do and, whether investing in the team or in training facilities which will provide long-term benefit to the club, our guiding principles are the same and our focus is clear, on delivering more on-field success.”
“This remains the shared ambition of our majority shareholder, Stan Kroenke, the board and everyone connected with the club.
“We are well placed to deliver against those ambitions.”
We can expect Kroenke to be asked about the payment at Arsenal’s AGM on 16 October.