Arsenal chairman explains £3m payment to owner Stan Kroenke

Sir Chips Keswick defends the club's decision to pay £3m to the firm of majority shareholder Stan Kroenke

The Sport Review staff
By The Sport Review staff

Arsenal chairman Sir Chips Keswick has defended the club’s decision to pay £3m to the firm of majority shareholder Stan Kroenke.

The north London club’s recent accounts showed that Kroenke’s company, KSE LLC, was paid the money “for strategic and advisory services” in relation to Arsenal’s broadband division.

Now, Keswick, speaking at Arsenal’s AGM on Thursday, has shed light on the board’s decision to make the payment.

“This fee was proposed by myself and Lord Harris (of Peckham) for the wide range of services provided to Arsenal Football Club by Kroenke Sports and Entertainment,” said Keswick.

“KSE is one of the most respected and successful sports organisations in the United States, operating in the most sophisticated sports business market in the world.

“They have an extensive and long experience in modern sports management.

“It is of the utmost importance that as a club we use it to our best advantage to ensure we keep progressing.

“There was no competitive tender for these services as they are directly available to us, and a tender process was inappropriate, and therefore unnecessary.

“We are entirely satisfied the fee was appropriate. In terms of any future fees, that would depend on the nature of the services provided.”

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