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Who really runs Arsenal Football Club? If you have ever wondered who makes the big calls on managers, player transfers, and long-term plans, you are not alone. The short version is that Arsenal is completely owned and controlled by Kroenke Sports & Entertainment (KSE), the sports and media group founded by American businessman Stan Kroenke. But there is much more to it than one person’s name. Understanding the ownership structure helps you see how the club is governed, how decisions flow from the boardroom to the pitch, and why Arsenal operates the way it does. This beginner-friendly guide explains everything clearly, from the holding companies to the people who set the strategy.
Introduction
Arsenal is one of the most historic and successful clubs in English football, with a global fanbase and a modern stadium in North London. Off the pitch, it is also a well-organized business with a defined corporate structure, a supervisory board, and strict financial rules to follow in England and in European competition. For years, fans have heard names like “Kroenke,” “KSE,” “the board,” and “supporters’ groups” without always knowing who actually decides what. This article breaks down the ownership, the governance, and the way power works at Arsenal today in simple, easy-to-follow steps.
The short answer: Who controls Arsenal today?
Arsenal is 100% owned by Kroenke Sports & Entertainment through its UK arm, KSE UK, Inc. That means there are no outside shareholders and no fan-owned shares. The ultimate controlling party is Stan Kroenke, the founder and owner of KSE. His son, Josh Kroenke, plays a very active leadership role at Arsenal and is a central figure in football operations and long-term planning. In practice, the Kroenke family chooses the board, approves major budgets, and signs off on strategic decisions. Day-to-day management, however, is carried out by the club’s executives and football leaders.
Who is KSE, and how does it connect to Arsenal?
Kroenke Sports & Entertainment is a large sports and entertainment group. Beyond Arsenal, KSE owns or controls teams such as the Los Angeles Rams (NFL), Denver Nuggets (NBA), Colorado Avalanche (NHL), Colorado Rapids (MLS), and other sports and media assets. KSE UK, Inc. is the vehicle that owns Arsenal’s holding company, making Arsenal part of a wider sports portfolio. This does not mean that Arsenal’s money simply moves around the group; rather, it means the same ownership oversees strategy across its properties, while each team follows the rules of its own league and country.
How involved are Stan and Josh Kroenke at Arsenal?
Stan Kroenke is the ultimate owner. Josh Kroenke is deeply involved in the club’s leadership and is frequently engaged with football operations and long-term direction. The pair hold senior board roles at Arsenal, and they are the key figures who approve major investments, executive hires, and significant projects. Their influence is felt in strategic decisions, but they delegate daily operations to senior professionals at the club.
Is there any other owner?
No. Since 2018, KSE has owned all the shares. Before then, Arsenal had many small shareholders, including fans and former directors, and there was a well-known rival shareholding held by Alisher Usmanov’s Red & White Holdings. That era ended when KSE completed a buyout in 2018 and took full control.
How Arsenal’s corporate structure works
Arsenal is set up as a group of companies, with a parent company and several subsidiaries that handle different parts of the football club’s activities. This is common in modern football. The setup allows the club to manage stadium operations, commercial activities, and football operations in a neat and compliant way, while providing a clear line of control back to the owner.
From many shareholders to a single owner
For much of its modern history, Arsenal had a spread of shareholders, including the Hill-Wood and Bracewell-Smith families, and later many small fan shareholders. In the mid-to-late 2000s, two major investors built large stakes: Stan Kroenke and Alisher Usmanov. KSE became the majority shareholder in 2011 and then purchased the remaining shares in 2018, leading to full ownership. After that, the club’s holding company re-registered as a private entity, ending public share trading and consolidating control under KSE.
The key companies in the Arsenal group
At the top is the holding company that owns the football club’s operating entities. Within the group you will find the company that runs the men’s first team and academy, the women’s team’s company, and entities linked to stadium and commercial operations. The exact legal names and layers are not crucial for most fans to memorize; the important part is that these entities are wholly owned inside the group, which itself is wholly owned by KSE UK, Inc. This gives KSE complete control of appointments, policies, and long-term plans throughout the group.
What is the Board of Directors and what does it do?
The Board of Directors is a group appointed by the owner to oversee the club’s strategy and governance. At Arsenal, the board includes Stan and Josh Kroenke in senior roles and other figures who bring legal, financial, and commercial expertise. Tim Lewis, an experienced corporate lawyer who has worked closely with the club for years, serves in a senior board capacity. Long-standing non-executive directors, such as Lord Harris of Peckham, contribute oversight and historical continuity. The board sets the direction, approves budgets, reviews major transactions, and appoints the executives who run the club day to day.
How decisions are made at Arsenal
Think of decision-making at Arsenal like a pyramid. At the top, the owner and the board set the strategy and the financial guardrails. In the middle, executive leaders translate that strategy into plans. On the football side, specialists scout, negotiate, and execute within the approved budget. On the business side, commercial and operations teams do the same for revenue, stadium, and fan engagement.
Strategy and budget
The owner and board approve the annual budget, long-term investment plans, and risk appetite. This includes wage budgets, transfer spending ranges, infrastructure projects, and commercial targets. They consider Premier League and UEFA regulations, forecasted revenues, and cash flows. Once approved, the football leadership and the executive team operate within those constraints and report back regularly.
Transfers: who actually signs off?
Transfers involve several layers. The scouting and data teams identify targets; the sporting leadership negotiates with agents and clubs; the legal and finance teams structure the deal. A proposed transfer is then measured against the budget, the squad plan, and the club’s financial rules. For higher-value deals, the board or a designated committee gives final approval. Edu Gaspar, the club’s Sporting Director, leads the football side of these processes, working closely with the head coach, Mikel Arteta, and with football operations leadership such as Richard Garlick. The owner’s representatives are kept informed and approve marquee transactions that carry significant financial commitments.
Manager hiring and firing
Appointing or dismissing a head coach is one of the owner’s most consequential decisions. The football leadership runs a thorough process, presents recommendations to the board, and then the owner signs off. Arteta’s appointment and subsequent contract renewals illustrate a model where the board and the owner align around a long-term plan and back it decisively, while holding clear performance expectations.
Arsenal Women and the academy
Arsenal Women and the academy are fully integrated into the club’s structure and receive dedicated resources. The owner and board set the overall commitment level and strategic goals, while specialized leaders manage day-to-day operations. This is how Arsenal sustains a competitive women’s team and a strong pipeline of young talent, aligned with the club’s identity and community responsibilities.
A brief history of Arsenal ownership
Understanding today’s control is easier with a little history. Arsenal’s ownership story spans family dynasties, a public share era, investor rivalries, and finally a complete buyout by KSE. Here is the journey in plain terms.
The family era: Hill-Wood and Bracewell-Smith
For much of the 20th century, Arsenal’s shares were concentrated among a few families, most notably the Hill-Woods and the Bracewell-Smiths. The club was run in a traditional English style, with directors who were often lifelong custodians. This era set the tone for Arsenal’s reputation as a stable, well-run institution, even if it sometimes moved slowly in a rapidly modernizing football world.
The public share era and fan shareholders
In the 1990s and 2000s, Arsenal had a public share structure with a small float. Shares were thinly traded and often held by fans as prized heirlooms. While this created a sense of community ownership, it also made strategic decision-making more complex and limited the club’s ability to make rapid, capital-intensive moves, especially as other clubs embraced single-owner models with significant funding power.
Kroenke vs Usmanov: the two-power era
From the mid-2000s to the early 2010s, two major shareholders emerged. Stan Kroenke gradually built a large stake and gained board influence. Alisher Usmanov, through Red & White Holdings, also accumulated a major stake, but without board control. This created a period of tension in which both large investors held differing views on strategy, and changes were often measured and incremental.
The 2011 majority and 2018 full buyout
In 2011, KSE became the majority shareholder, surpassing 60% and effectively controlling the board. In 2018, KSE purchased the remaining shares, including Red & White’s stake, and completed a compulsory acquisition. The holding company re-registered as a private entity. From that point, KSE has owned 100% of Arsenal, and the previous fan share culture ended. Governance became simpler, and accountability rested squarely with a single owner.
Where the money comes from and who pays for what
Arsenal’s finances are watched closely by fans and the media. Ownership doesn’t just decide how money is spent; it sets the approach to generating and managing revenue. Understanding the club’s funding answers a key question: how does control translate into financial strength?
The self-sustaining model
For years, Arsenal has described itself as a self-sustaining club. This means it aims to fund football operations primarily from its own revenues: broadcasting income, matchday receipts, commercial deals, and player trading. It is not a “state-backed” club, nor does it run persistent owner-funded deficits. This approach depends on smart recruitment, Champions League qualification, and strong commercial performance.
When the owner funds the club
Being self-sustaining does not mean the owner never injects funds. During extraordinary periods, such as the pandemic or when refinancing is advantageous, owners can provide loans or additional capital. KSE has provided financial support when necessary and approved investment that helps the club compete and modernize. In European football today, owner support is sometimes required to smooth cash flows or accelerate projects, but it must comply with domestic and UEFA financial rules.
Stadium and infrastructure
Arsenal’s move to Emirates Stadium in 2006 transformed its revenue potential. The stadium was financed through long-term arrangements, and over time the club has refinanced and improved the terms of its debt. Today, the stadium remains a crucial asset that drives matchday income. The owner and the board sign off on ongoing upgrades to the stadium, training facilities, and youth development spaces. These investments do not grab headlines like transfers, but they are vital for long-term success.
Rules, checks, and accountability
Even a 100% owner cannot do whatever they want. English football and European competition have strict regulations that shape how a club can spend and operate. These checks protect the integrity of competitions and, in theory, the long-term health of clubs.
Premier League Owners’ and Directors’ Test
Anyone who wants to own or direct a Premier League club must pass the Owners’ and Directors’ Test. This is a vetting process that looks at criminal, financial, and integrity factors. It is not perfect, but it does place a compliance framework around who can run a club. Changes in ownership and the appointment of new directors trigger fresh approvals.
Financial rules: PSR and UEFA regulations
In the Premier League, the Profit and Sustainability Rules (PSR) limit losses over a rolling period and encourage clubs to live within their means. In European competition, UEFA has moved toward squad cost controls that link spending on wages, transfers, and agent fees to club revenue. Arsenal’s leadership must plan within these limits. The owner and board can’t simply write a blank check; spending has to align with revenue and with the rules.
Fan engagement and the advisory board
After the failed European Super League proposal in 2021, Arsenal’s ownership faced strong supporter protests. Since then, the club has strengthened its fan engagement, including a Fans’ Advisory Board and regular structured dialogue with supporter groups. These forums do not replace ownership control, but they improve transparency and give supporters a channel to influence matchday experience, heritage matters, and fan-facing policy.
Common myths about who controls Arsenal
Ownership topics attract rumors. Clearing up a few myths helps everyone understand the reality of control at Arsenal.
Myth 1: “Emirates owns Arsenal.”
Emirates is a naming-rights and shirt sponsor, not an owner. The airline pays for branding on the stadium and shirts. Sponsorship deals boost revenue and can be extended or renegotiated, but they do not confer voting rights, board seats, or control. Ownership resides with KSE alone.
Myth 2: “Kroenke takes money out of the club.”
Claims about owners “taking money out” usually refer to dividends, management fees, or related-party charges. Arsenal historically has not paid regular dividends to the owner in the way some companies do. The club’s public statements and financial filings have emphasized reinvestment in the squad and infrastructure. In practice, the bigger debate around Arsenal is not about money being extracted but about the balance between self-sustaining discipline and the desire for more aggressive investment.
Myth 3: “Arsenal could easily become fan-owned again.”
In theory, any owner can sell to anyone they choose, including a fans’ consortium. In practice, buying Arsenal would cost billions of pounds and require the current owner to accept a sale. Fan ownership on a large scale would also need a robust governance model and significant capital. Today, supporter influence is more likely to come through advisory boards, fan representation, and collective campaigning rather than through owning the majority of shares.
How Arsenal compares to other Premier League ownership models
Arsenal’s structure is not the only way to run a club. Understanding where Arsenal fits in the Premier League landscape helps explain its strategy and its constraints.
State-backed vs. private family ownership
Some Premier League clubs are backed by nation-state-linked investors, giving them access to significant capital and long-term strategic resources. Others are owned by private families or individuals, like Arsenal. State-backed models can deploy larger funds, but face growing scrutiny and regulatory limits. Private family ownership can be stable and long-term, but it generally depends more on the club’s own revenue growth and careful planning.
Multi-club groups vs. single-club focus
A growing trend is multi-club ownership, where one group controls several clubs across different leagues. This can create scouting networks, player pathways, and commercial synergies. Arsenal, under KSE, is part of a multi-sport portfolio rather than a multi-club football network. That means Arsenal’s football pipeline is not directly linked to sister clubs in other leagues, but the club does benefit from KSE’s experience in elite sports operations, venue development, and commercial strategy.
What a sale would look like (and why it is unlikely right now)
Could Arsenal be sold? Any club can be sold if a buyer meets the owner’s price and league rules are satisfied. But there are practical factors that make a sale unlikely unless KSE actively invites offers.
Valuation, approvals, and timing
Arsenal’s valuation has climbed due to Champions League returns, commercial growth, and the global stature of the Premier League. A buyer would need to present a massive offer and pass the Premier League’s tests. A sale would involve detailed due diligence, commitments on stadium and community matters, and agreement on future investment. It would also require a transition period to protect the team’s competitive stability.
What would change for fans?
A new owner can reshape the board, leadership, and even the football philosophy over time. However, core rules would still apply, and big changes would take months or years to fully appear. Ticket policy, fan liaison, and the matchday experience would remain important pressure points, regardless of who owns the club. For now, with performance improving and the project under Arteta and Edu gaining momentum, KSE appears committed to long-term ownership and competitive investment.
Practical ways fans can have a voice under the current ownership
Even without shares, supporters can influence the club’s direction. Regular structured dialogue allows fan groups to raise issues around pricing, atmosphere, heritage, and equality and inclusion policies. The Fans’ Advisory Board helps ensure that big decisions take supporter views into account. Surveys, open letters, local council consultations on stadium projects, and coordinated campaigns also shape the environment in which the club operates. While fans do not vote on transfers or managerial choices, they contribute to the culture, accountability, and public priorities the club cannot ignore.
Frequently asked questions
Who owns 100% of Arsenal?
Kroenke Sports & Entertainment, via KSE UK, Inc., owns 100% of the club’s holding company, giving it complete control. The ultimate owner is Stan Kroenke.
What role does Josh Kroenke play?
Josh Kroenke holds a senior leadership position at Arsenal and is closely involved in football and business strategy. He represents the owner’s interests, participates in major approvals, and helps set long-term direction.
Is Arsenal still publicly traded or fan-owned?
No. In 2018, KSE completed a full buyout and took the club private. There is no public market for Arsenal shares today, and fans cannot buy a stake through the old share registry.
Does Emirates have any control over the club?
No. Emirates is a commercial sponsor. Sponsorship deals provide revenue and brand exposure, but they do not grant voting rights or decision-making power.
Who decides on transfers?
Arsenal’s football leadership team proposes and negotiates transfers. High-value deals are approved by the board or owner representatives. The process is collaborative, with clear checks on budget and compliance rules.
How do financial rules affect the owner’s power?
The Premier League’s Profit and Sustainability Rules and UEFA’s cost controls cap losses and link spending to revenue. These rules limit unlimited spending and push owners to build sustainable revenue, develop players, and choose investments carefully.
Why the ownership structure matters for the football you watch
Ownership is not just a legal fact; it shapes the club’s identity and the football you see on the pitch. A single, stable owner can provide long-term planning and quick decision-making. The downside is that accountability rests with fewer people and relies on their judgment and ambition. In Arsenal’s case, the owner’s backing has grown in recent years, seen in competitive squads, improved contracts for key players, and upgrades across facilities and support staff. At the same time, the club remains committed to strong financial discipline that aligns with league and UEFA rules.
Recruitment, development, and continuity
With clear ownership and a defined football structure, Arsenal has built a coherent recruitment strategy centered on age profile, character, and data-led analysis. This approach supports Mikel Arteta’s tactical demands and fosters continuity. When control is centralized and strategy is stable, the club can think in windows and seasons rather than weeks, avoiding reactive decisions that derail progress.
Stadium experience and community work
The ownership and board approve budgets for stadium improvements, accessibility, and matchday experience. They also greenlight community initiatives and charitable programs. For a club like Arsenal, whose roots run deep in North London, this kind of investment is part of its identity as well as its brand. Supporters, local residents, and city authorities all influence these decisions through feedback and public processes.
Looking ahead: what to watch
If you want to track how ownership decisions shape Arsenal over the next few years, keep an eye on a few key areas. First, squad evolution: which contracts are extended, which young talents are retained, and how aggressively the club strengthens areas of need. Second, commercial growth: new partnerships, global fan engagement, and digital products all feed the budget. Third, infrastructure: training ground upgrades, stadium enhancements, and sustainability projects show commitment beyond the transfer market. Finally, governance: board composition and ongoing fan engagement will tell you how the club balances control with accountability.
Key takeaways
Arsenal is wholly owned by Kroenke Sports & Entertainment, with ultimate control resting with Stan Kroenke and significant day-to-day leadership involvement from Josh Kroenke. The Board of Directors sets strategy, approves budgets, and appoints executives, while football operations are led by specialists like the Sporting Director and head coach. Financial rules in the Premier League and Europe limit spending to what the club can sustainably afford, which pushes Arsenal to grow revenues, develop players, and make smart signings. Fan power does not come through shareholding anymore, but through structured dialogue, advisory boards, and public accountability. The result is a club that aims for long-term competitiveness within a clear governance framework.
Conclusion
So, who controls Arsenal FC? The answer is straightforward: Kroenke Sports & Entertainment owns 100% of the club, and the Kroenke family sets the direction through the board. The path from multi-shareholder heritage to single-owner control took decades, but today the lines are clear. The owner provides strategy and resources, the board governs and approves major moves, and the football and business leaders execute the plan within strict financial rules. For supporters, understanding this structure makes the club’s choices easier to interpret, from transfer windows to stadium policies.
Whether you like single-owner control or miss the fan-share era, the reality is that modern elite football runs on clear governance, stable investment, and smart decision-making. Under KSE, Arsenal has aimed to balance self-sustaining discipline with renewed ambition on the pitch. If performance, recruitment, and infrastructure continue to align, the ownership model can support a competitive Arsenal for years to come—so long as those in charge keep listening, keep investing wisely, and keep the club’s identity at the heart of every decision.