Premier League champions at last, Arsenal have come a long way since Stan Kroenke took 100 per cent control of the club in 2018.
After winning a protracted takeover battle with Alisher Usmanov, Kroenke has invested far more heavily than many expected, given that the American billionaire was widely seen as the more financially disciplined of the two.
Kroenke Sports & Entertainment have injected about £340m into Arsenal to date, taking their total commitment in North London well beyond the £1bn mark, including the money spent to acquire their shares.
Most of that money has been in the form of interest-free loans, which the owners will – in all likelihood – not see a return from until the day comes for them to cash in and sell up in North London.
That day does not appear to be close. Jose Kroenke, Stan’s son, is heavily involved in day-to-day operations and the club are exploring options to expand the Emirates Stadium, 20 years on from the move away from Highbury.
The Kroenkes are stadium experts. They built the SoFi Stadium in Los Angeles, which staged the first knockout game of the 2026 World Cup last night, Canada overcoming South Africa in stoppage time to advance to the last 16. In Denver, they have already overseen one huge redevelopment of Ball Arena, with another in the works.
With a capacity of between 70,000 and 80,000 reportedly on the cards for the Emirates, the idea is for Arsenal to generate enough matchday income to be financially self-sufficient.
Since taking outright control, the Gunners have not had a single profitable year, although the losses have contracted in recent seasons as Mikel Arteta has reinstated the club as a force in English and European football.
According to respected finance expert Greg Cordell, Arsenal are set to reveal another chunky loss when they announce their financial results in the spring.
Cordell’s analysis in his Vanity, Sanity and Reality newsletter suggests that Arsenal likely lost in the region of £31m in 2025-26, despite winning the Premier League and reaching the Champions League final.
Revenue, Cordell projects, has soared to new heights at £793m – but wages (£397m), transfer amortisation (£202m), other operating expenses (£207m), and debt interest (£19m) have risen faster.
A deficit of £31m is relatively modest by Premier League standards, but it takes cumulative bottom line losses since Kroenke assumed 100 per cent control to nearly £300m.
Depending on who you ask, the club is valued at £3-5bn, however. The Kroenkes have the scope to absorb losses with a view to investing, making the club profitable, and eventually flipping it for a huge profit.
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