FC Arsenal is also suffering from the economic consequences of the Corona crisis. Nevertheless, owner Stan Kroenke continues to rake in millions in the background.
While countless people worldwide are struggling with the economic consequences of the corona epidemic, Stan Kroenke is unfamiliar with terms such as short-time work, money worries or existential fears.
According to a study by the Institute for Policy Studies entitled “Billionaire Bonanza 2020”, the owner of FC Arsenal has increased his personal assets by a whopping 323 million to a total of 8.1 billion pounds since the beginning of 2020.
In addition, his wife, Walmart heiress Ann Walton Kroenke, can also look forward to considerable growth in her own account. According to the report, she has earned 97 million pounds since the beginning of the year.
Arsena players forego salary
While Kroenke, who as chairman of the Kroenke Sports Enterprise can call the Los Angeles Rams (NFL), Denver Nuggets (NBA), Colorado Avalanche (NHL), Colorado Rapids (MLS) and Colorado Mammoth (NLL) his own in addition to the Gunners, continues to rake in coal despite the global crisis, the Arsenal players have to accept salary cuts.
After initially refusing to play, the players are now foregoing 12.5 per cent of their salaries at the request of coach Mikel Arteta, with Arsenal hoping to save £25 million.
However, Arsenal’s head of football Raul Sanllehi is said to have told his staff in a conference call only last week that, despite the measures taken, the budget for the team’s rebuilding plans for next season would be tight, and that he would be able to make a significant contribution to the team’s success.
Corona crisis threatens Gunners’ financial position
Last year, Gunners recorded losses of almost £30 million and a number of revenue streams have come to a standstill due to the interruption of the current season. In addition, further heavy losses are threatened if the Premier League continues without spectators due to the Corona crisis.
According to the Arsenal Supporters’ Trust (AST), the club would then have to reckon with losses of as much as 144 million pounds – even with the income from European competitions and TV contracts.
But despite the threatening situation, the gunners have not taken advantage of the government’s leave of absence programme and have instead pledged to pay full salaries to all staff.