Stan Kroenke is set to show his generous side by helping Arsenal to pay off the £120million government loan that they obtained last year because of the coronavirus pandemic.
The Gunners, like most teams around the world, incurred huge financial losses because of the absence of fans in their stadiums.
Arsenal have lost millions from matchday revenue in the last year and their fans still expect the club to spend money on buying new players.
They have been protesting against the American’s ownership in recent weeks and have asked him to sell his shares in the club and leave.
Kroenke has no intention of leaving Arsenal and wants to show his commitment by handing Mikel Arteta a big transfer kitty for the next transfer window.
Football London reports that he also looks set to help repay Arsenal’s loan from his personal fortune.
The Gunners can extend the repayment time by a year and can also make payments in instalments.
However, the report says the Gunners would prefer to repay everything in one go and that is exactly what they want to do now.
The loan also comes with an interest rate that amounts to about £600,000 or 0.5%.
Not sure there’s anything generous about this. He obtained a taxpayer-funded loan at 0.5% and had paid it back. Knowing Kroenke he probably had the money invested somewhere and made more than the 0.5% he paid in interest.
I’m thinking along the same lines as you which makes me extremely cynical
Cynical about Kroenke? What total worldly wise realists you are!
Kroenke generous? Haha, sorry but every year it’s “we have money to buy almost anyone”, “we have a big warchest for transfers”, and every year fans get disappointed when it turns out it was just lies.
But not me, not this time, I won’t believe it before it happens.
Even if Kroenke pays back the loan he has probably found a way to make money of it.
the last 3 years 300m have been spent
120m loan pay back?
he must have sold lots of shares and assets to generate the funds
Literally an embarrassment of riches
Or Rich and embarrassing!
KS&E owns Arsenal FC 100%. The £120 m loan was to Arsenal FC, with it being the owners’ responsibility to pay it back.
No generosity, their debt, their onus to pay. The ramifications are yet to be seen, as far as the impact on Club operations, transfer budget etc.
He owns the club and would have been responsible for authorizing the loan. How is paying back the loan you arranged generous? More Arsenal attempts at positive PR for Kronkes! Pathetic!!!!!!