Arsenal news: Stan Kroenke has been expanding his business interests in the USA as the Gunners continue their push to win the Premier League title.
Arsenal owner Stan Kroenke has expanded his business interests in the USA with the acquisition of a Los Angeles mall in a £270million deal – and plans to move the LA Rams in there.
The latest deal indicates that the investor is keen to continue the growth of his portfolio and cement his commercial interests in California. The Arsenal owner, who is largely represented in the UK and at Arsenal by son Josh, last month acquired the The Village mall in a $325million (£270million) deal as originally reported by the Commercial Observer.
He made the purchase from Unibail-Rodamco-Westfield (URW) and it sees the LA Rams owner complete one of the largest commercial property sales in LA in the past 12 months. His ownership of the Rams, the current NFL Super Bowl champions, means that the future relationship between the franchise and his commercial portfolio will become increasingly intertwined.
The 600,000 square foot property, located in the San Fernando Valley, is likely to become the team’s headquarters in a bold move from Kroenke. Kroenke has been said to have been looking for a such a property from which to base the Rams HQ for a year, and this move means that this is likely to now come to fruition.
How much of the site which will be retained as a mall and lifestyle space remains to be seen, but it does demonstrate the willingness of Kroenke to expand his empire and shows the health of the investors’ financial situation in what will surely be a boost for Arsenal fans.
The ownership of such a retail space can also provide commercial avenues for Arsenal, with merchandising opportunities in the US a huge market for Premier League clubs going forward. In addition, it also raises the question of whether or not the Kroenkes will seek a similar deal in order to provide a similar commercial space for Arsenal in north London.
The £270million deal could impact the spending power of Arsenal were it not for the vast wealth which has been accumulated by Kroenke. The US billionaire has been named by Forbes as the richest person in sport, with his astronomical net worth of £8.8billion and the future certainly looks bright as Arsenal look to cement their place at the pinnacle of the English game.