The changing fortunes of Arsenal

Arsenal supporters used to want “Kroenke out”. Those calls have died down now that the Gunners have won their first Premier League title in 22 years. Beating Paris Saint-Germain in the Champions League final later today would be a crowning moment for billionaire sports tycoon Stan Kroenke and son Josh.

A lot has changed at Arsenal since the club lost to FC Barcelona in the 2006 Champions League final.

That season, PSG finished ninth in the French league. These days, they’re a powerhouse. Now owned by state-backed Qatar Sports Investments, the defending champions of Europe have transformed into a winning machine and will be anything but a pushover for Arsenal. Transformation is the word in Paris and north London.

In 2005-06, Arsenal made a net profit of £7.9mn on revenues of £137mn. Its shares were still publicly traded. The club said goodbye to Highbury before moving to the 60,000-capacity Emirates Stadium. Arsène Wenger was still the manager. The women’s team was still known as Arsenal Ladies.

The following year, Kroenke bought a 9.99 per cent stake, valuing Arsenal at £420mn. That was a snip. He had to be patient and more willing to spend on the rest.

However, Arsenal were on the decline. The price of building a new stadium was the debt that limited what the club could afford to spend on players in the transfer market. Chelsea, Manchester United and Manchester City took advantage of Arsenal’s decline, picking up some of the London team’s best players to expand their own trophy cabinets.

Fans took a dislike to Kroenke. “Spend some f****** money!” the Arsenal faithful chanted in 2013. Off the pitch, Kroenke increased his stake. He emerged victorious in a battle for outright ownership of Arsenal, overcoming rival interest from Uzbek-born metals magnate Alisher Usmanov. Kroenke’s purchase of Usmanov’s 30 per cent stake in 2018 valued the club at £1.8bn.

The mood is different these days. Spanish coach Mikel Arteta has transformed the men’s team into winners. Stan and Josh Kroenke stood in front of the Arsenal fans without inciting a riot. The fact they were holding the Premier League trophy undoubtedly helped. Arsenal Women attract the biggest crowds in the Women’s Super League. The Kroenkes plan to expand the Emirates.

Arsenal reported revenues of £690mn in 2024-25. That figure is expected to rise north of £700mn this season, driven by success at home and in the Champions League.

Even before taking into account Arsenal’s title win, consultancy Football Benchmark put an estimated enterprise value of about €4.9bn (£4.3bn) on the club, up 23 per cent from the 2025 rankings.

Beating PSG would add another trophy. It won’t hurt the valuation either.

It's no deal say Spurs insiders over Taiwanese takeover

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The Political Economy of Football V2

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