Arsenal wipe Kroenke advisory fee
Arsenal fans are feeling victorious after finding out that the club will no longer be paying majority shareholder, Stan Kroenke, the £3 million advisory fee, as per the Evening Standard.
Arsenal revealed this year’s account, which not only showed a £9 million rise in turnover – taking the total to £353.6m – but also that the advisory fee for Kroenke’s company, ‘Kroenke Sports Entertainment’, will no longer paid. Kroenke, who owns an American football , basketball, Ice Hockey and MLS teams, had received direct payments to his company, which drew heavy criticism, especially from ‘Arsenal Supporters’ Trust’. Following the announcement, the AST tweeted its pleasure.
AST delighted that Arsenal Board has responded to our challenge to its corporate governance by ending £3m consultancy fee to Kroenke
— AST (@AST_arsenal) October 1, 2016
Chief executive, Ivan Gazidis – who himself bagged a £1 million pound bonus – stated: ‘We are in a strong position to continue moving forward at every level of the club. On the pitch, we have an outstanding squad… Our ultimate ambition is clear: to win major trophies and make Arsenal fans at home and around the world proud of this great club: proud of our values, proud of the way we act and proud of our team.’
