A few months have passed since Spotify CEO Daniel EK approached Kroenke Sports & Entertainment with a £1.8bn offer to purchase Arsenal. Former stars Thierry Henry, Dennis Bergkamp, and Patrick Vieira were even working with Ek on the proposed takeover.
With speculation growing, the Kroenke’s claimed that no offer had ever been made. They then issued a statement stating that they remained ‘100% committed to the club and are not selling any stake in the Club’.
That hasn’t stopped fans from continuing to demand that Kroenke sell up and the hashtag #KroenkeOut continues to appear regularly on social media.
In addition to Arsenal, Kroenke’s assets include the Denver Nuggets, Colorado Avalanche, Colorado Rapids, and the Los Angeles Rams. Forbes recently released its 2021 list of the World’s Richest Sports Team Owners. Coming in at number 14 is Kroenke. It is estimated that KSE is currently worth $9.72bn.
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Daniel Ek given hope in Arsenal takeover from Stan Kroenke with KSE taken to US court for $1bn lawsuit by city of St. Louis
It would appear that everything is currently fine in Kroenke’s world. However, there’s the small matter of a pending lawsuit against KSE and the NFL scheduled to go to trial in January 2022.
The charges were filed in 2017 by the St. Louis Regional Convention and Sports Complex Authority, the City of St. Louis, and St. Louis County. The lawsuit centers around the then St. Louis Rams relocation to Los Angeles in 2016. It’s been reported that the city of St. Louis is seeking $1bn in damages due to fraud, misrepresentation, and breach of contract.
Last month a judge in St. Louis dealt a blow to Kroenke’s case. To determine if there was fraudulent activity it was announced that access to KSE’s financial records be made available to the plaintiffs.
Should the city of St. Louis win its lawsuit, or settle out of court, the biggest loser stands to be Kroenke himself. If made to pay out, Kroenke would take a major financial hit.
This has given Ek new hope in his effort to purchase Arsenal. His thinking is that if KSE is ruled to be responsible financially, the Kroenke’s might be looking for new sources of income. According to numerous reports, Ek is hoping that this may force the Kroenkes to reconsider his bid.
Time will tell whether or not the Kroenke’s have any interest in revisiting Ek’s offer to buy Arsenal. A lot will depend on the impending St. Louis lawsuit and what the judgment against the Kroenkes will be.