The coronavirus pandemic has resulted in the suspension of Premier League action and many clubs are staring at a substantial financial crisis. In a bid to ease the club's financial burden, Arsenal owner Stan Kroenke is set to make a massive cash injection according to reports. Kroenke is set to pump in millions to balance out the losses of the coronavirus pandemic despite his NFL franchise facing massive costs to complete their new stadium.
Arsenal owner Stan Kroenke has faced massive criticism from the club's fans in the past for their perceived lack of investment in the transfer market. However, According to the Daily Mail, Kroenke is reportedly set to make a large cash injection to help Arsenal balance out their losses amidst the coronavirus pandemic. The financial support comes in at a time when LA Rams, Stan Kroenke's NFL franchise, are facing massive costs to complete their new stadium, which is reported to be £1.6 billion ($2 billion) over budget.
Stan Kroenke will provide Arsenal with a major cash injection to help ease the club through the coronavirus financial crisis. [Mail] pic.twitter.com/JCiDNOSV3s— AFTV (@AFTVMedia) April 16, 2020
While Arsenal owner Stan Kroenke's cash injection will come in handy, the main focus is on agreeing on a wage cut deal with the playing squad. The club is in talks with manager Mikel Arteta to take a cut in his on his £5 million salary and the former Arsenal midfielder as per Sportsmail has held talks with the playing squad over the ongoing pay issue. Arteta is said to have stressed the importance of the squad doing their part to help Arsenal out of the financial crisis.
Arsenal players were divided with views to accepting the club’s original proposal of a 12.5 per cent pay cut, rather than deferral and with Arteta likely to lead by example, an agreement has moved closer following further discussions.
Arsenal owner Stanley Kroenke is a real estate and sports tycoon with an international portfolio. Along with Arsenal, the American businessman owns NFL franchise LA Rams, while also has a stake in the Denver Nuggets, Colorado Avalanche and the Colorado Rapids. As of 2020, The Stan Kroenke net worth figure stands at a mammoth $10 billion according to Forbes.com. Kroenke took complete control of Arsenal in 2018, an offer of around £600 million to second major shareholder Alisher Usmanov.