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Kroenke’s soccer team stops paying Kroenke’s firm 3 million pounds per year

SUN VALLEY, ID - JULY 08:  Stan Kroenke (L), owner of Kroenke Sports Enterprises, which includes the Denver Nuggets of the NBA, Colorado Avalanche of the NHL, Colorado Rapids of Major League Soccer, Colorado Mammoth of the National Lacrosse League and St. Louis Rams of the NFL, chats with Ananda Krishnan, Malaysian businessman and philanthropist, at the Allen & Company Sun Valley Conference on July 8, 2015 in Sun Valley, Idaho. Many of the world's wealthiest and most powerful business people from media, finance, and technology attend the annual week-long conference which is in its 33rd year.  (Photo by Scott Olson/Getty Images) Getty Images

Rams owner Stan Kroenke’s massive wealth will be slightly less massive in 2016.

Via the Daily Mail, Kroenke’s Premier League soccer club, Arsenal, has stopped paying Kroenke’s firm, Kroenke Sports Enterprises, 3 million pounds per year.

The issue first arose in late 2014, and KSE supposedly “waived” the fee in 2016, possibly/probably due to the controversy that emerged over it. Arsenal Supporters’ Trust recently wrote a letter to the Arsenal chairman Sir Chips Keswick questioning the legality of the payment.

Arsenal is publicly owned, with Kroenke holding roughly two thirds of the shares. The question became whether the payment amounted to a conflict of interest and/or a violation of any applicable laws and regulations.

The payment apparently was made in 2015. It apparently wasn’t made in 2016.

“More than 90% of our members were against this fee and believed that Stan Kroenke had not been able to justify it or explain what services he provided,” Arsenal Supporters Trust spokesman Tim Payton told the Daily Mail. “We considered it to be an inappropriate payment. This welcome outcome shows that supporters do have a voice and organised pressure can make a difference.”

Kroenke will never have a problem like this with his American sports ventures, which include the Rams, the NHL’s Colorado Avalanche, and the NBA’s Denver Nuggets. All are privately owned, with no shareholders and thus no mandatory public disclosure of payments like bloated consulting fees to Kroenke’s firm.

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5 Responses to “Kroenke’s soccer team stops paying Kroenke’s firm 3 million pounds per year”
  1. harleyforme says: Oct 5, 2016 8:39 AM

    I thought kroenke didn’t own the avalanche or nuggets anymore? Didn’t he have to diverse himself from them in order to meet the nfl’s cross-ownership “rules”? Looks like the cartel takes that as seriously as their relocation “rules”.

  2. wolfgangvomframps says: Oct 5, 2016 11:29 AM

    Amazing. While refusing to spend for the world class striker Arsenal needs, they were writing a check to owner.

    No wonder Gooners everywhere can’t stand the guy.

  3. pftinsider says: Oct 5, 2016 12:12 PM

    He’s just a bad person, a level of greed beyond reason. Leaving St. Louis people who live check to check to foot the $30+ million bill for a team they no longer have which isn’t even 10% of his worth.

    bad guy all around

  4. Ben Greenwood says: Oct 5, 2016 12:15 PM

    If you’re not going to be the best team in North London, you might as well pocket 3 million pounds.

    COYS!

  5. thedude1500 says: Oct 5, 2016 3:39 PM

    You people. That money takes a Ferrari out of the garage of one of his kids. They might have to settle for a measly Porsche or Jaguar. The 1 percenters have their problems too.

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