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Stan Kroenke

From Wikipedia, the free encyclopedia

Stan Kroenke
Kroenke in 2019
Born (1947-07-29) July 29, 1947 (age 77)
Columbia, Missouri, U.S.
EducationUniversity of Missouri (BA, MBA)
Occupation(s)Chairman and CEO of Kroenke Sports & Entertainment
Founder of the Kroenke Group
Chairman of THF Realty
Owner and co-chairman of Arsenal F.C.
Owner of Arsenal W.F.C.
CEO/Owner of the Los Angeles Rams
Owner of Denver Nuggets
Owner of Colorado Avalanche
Owner of Colorado Rapids
Owner of Colorado Mammoth
Owner of Los Angeles Gladiators
Owner of Los Angeles Guerrillas
Owner of Screaming Eagle Winery and Vineyards
Owner of Waggoner Ranch
Political partyRepublican[1]
Spouse
​
(m. 1974)​
Children3, including Josh and Whitney
Awards

Enos Stanley Kroenke (/ˈkrɒŋki/; born July 29, 1947) is an American billionaire businessman. He is the owner of Kroenke Sports & Entertainment, which is the holding company of Arsenal F.C. of the Premier League and Arsenal W.F.C. of the Women's Super League, the Los Angeles Rams of the NFL, Denver Nuggets of the NBA, Colorado Avalanche of the NHL, Colorado Rapids of MLS, Colorado Mammoth of the National Lacrosse League, the Los Angeles Gladiators of the Overwatch League, and the Los Angeles Guerrillas of the Call of Duty League.

The Nuggets and Avalanche franchises are held in the name of his wife, Ann Walton Kroenke, to evade NFL rules that forbid a team owner from having teams in other markets.[2] Ann, part of the Walton family, is the daughter of Walmart co-founder James "Bud" Walton. Kroenke was estimated to be worth US$10.7 billion by Forbes in 2022.

Kroenke's holding company for sports teams has been controversial. In 2016, he broke contracts by moving the St. Louis Rams to Los Angeles, incurring legal costs for the entire league. In 2021, Kroenke was involved in a failed effort to end the traditional European soccer system by creating a closed European Super League that would have included Arsenal and several other teams.

In the five major U.S. sports, Kroenke's teams have won six championships under his ownership (either partial or full), with the Rams winning two Super Bowls, the Avalanche winning two Stanley Cups, the Nuggets winning one NBA Championship, and the Rapids winning one MLS Cup.[3][4] The Colorado Mammoth have also won two National Lacrosse League Championships while he was the owner.

Early life and education

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Kroenke grew up in Mora, Missouri, an unincorporated community with a population of approximately two dozen, where his father owned Mora Lumber Company.[5][6] His first job was sweeping the floor at his father's lumber yard.[7] By age 10, he was keeping the company's books.[8] At Cole Camp (Missouri) High School, he played baseball, basketball and ran track.[9]

Business career

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Real estate

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Kroenke married Ann Walton, a Walmart heiress, in 1974. He founded the Kroenke Group in 1983, a real estate development firm that has built shopping centers and apartment buildings. He has developed many of his plazas near Walmart stores.[6]

He is also the chairman of THF Realty, an independent real estate development company that specializes in suburban development. He founded this corporation in St. Louis, Missouri, in 1991. In 2016, THF's portfolio was valued at more than $2 billion, including more than 100 projects totaling 20 million square feet, primarily in retail shopping centers.[10]

Other ventures

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In 2006, Kroenke, in partnership with the money manager Charles Banks, acquired Screaming Eagle, a winery in Napa Valley. In April 2009, Banks stated he was no longer personally involved with Screaming Eagle.[11]

Kroenke is a major owner of working ranches, owning a total of 848,631 acres. The Land Report magazine ranked him as the United States' ninth-largest landowner in 2015.[12][13] Among notable purchases is his February 2016 acquisition of the famous Waggoner Ranch in Texas, the largest ranch within one fenceline.[14]

In August 2017, he came under fire for launching a British outdoor sports television channel that will show regular hunting programmes that includes killing elephants, lions, and other vulnerable African species.[15]

Professional sports

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Kroenke Sports and Entertainment

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Main article: Kroenke Sports & Entertainment

Founded in 1999, Kroenke Sports & Entertainment owns Ball Arena in Denver, home of the Nuggets, Avalanche and Mammoth, and co-owns Dick's Sporting Goods Park in Commerce City, home of the Rapids. Both venues were built by his development company. In 2004, Kroenke launched his own competitor to FSN Rocky Mountain (now known as AT&T SportsNet Rocky Mountain), Altitude, a new regional sports network which became the official broadcaster for both of Kroenke's teams on launch. Kroenke also established TicketHorse, a ticket company that provides in-house sales for all of his teams.

Denver Nuggets and Colorado Avalanche

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Kroenke (center) at the Nuggets championship parade

In 2000, Kroenke became full owner of both the National Basketball Association's Denver Nuggets and the National Hockey League's Colorado Avalanche, purchasing the teams from Charlie Lyons's Ascent Entertainment Group.

Colorado Crush

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In 2002, Kroenke partnered with Denver Broncos owner Pat Bowlen and former Bronco quarterback John Elway to become part-owner of the Arena Football League's Colorado Crush.

Colorado Mammoth and Colorado Rapids

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Kroenke continued to grow his sports portfolio in 2004 when he purchased the National Lacrosse League's Colorado Mammoth and Major League Soccer's Colorado Rapids from Phil Anschutz.

St. Louis Rams

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On April 13, 1995, Stan Kroenke helped Georgia Frontiere move the National Football League's Los Angeles Rams from Anaheim to St. Louis by purchasing a 30% share of the team.[16]

In 2010, Kroenke exercised his right of first refusal to purchase the remaining interest in the Rams from the Frontiere estate.[17] On August 25, 2010, he became full owner of the Rams by unanimous consent of the NFL. To gain approval from NFL owners, Kroenke agreed to turn over control of the Denver Nuggets and Colorado Avalanche to his son, Josh, by the end of 2010, and he had to give up his majority stake in both teams in December 2014. The NFL does not allow its owners to hold majority control of major league teams in other NFL markets.[18] On October 7, 2015, the NFL approved transfer of his ownership stake of the Avalanche and Nuggets to his wife, Ann Walton Kroenke.[19]

Stadium issues

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In April 2010, as he was trying to gain full ownership of the team, and knowing of an escape clause in the Rams lease at the Edward Jones Dome, Stan Kroenke said: "I'm going to attempt to do everything that I can to keep the Rams in St. Louis."[20]

In February 2013, the Rams and the City of St. Louis went to arbitration over a clause in the Rams' lease that stated that their stadium must be among the NFL's best. The arbitrators agreed with the Rams, enabling the team to break their original lease and assume a year-to-year lease agreement.[21]

In 2015, Kroenke said that he was willing to work with Missouri officials and to give them a "complete understanding" of the stadium situation. On November 30, 2015, he met with Missouri Governor Jay Nixon at Rams Park in Earth City, Missouri.[22]

Los Angeles Rams

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Move to Los Angeles

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On January 5, 2015, the Kroenke Group announced that it would team up with Stockbridge Capital Group to build a 70,000-seat NFL stadium and venue in Inglewood, California, a suburb of Los Angeles. To persuade Kroenke to keep the Rams in St. Louis, the city offered to build an open-air stadium dubbed National Car Rental Field in the north riverfront area of downtown.[23] At the NFL relocation presentation, Kroenke stated that St. Louis was no longer a viable market for the NFL and was best served by only two teams. Kroenke also questioned the financial future of the team.[24] NFL commissioner Roger Goodell stated that the St. Louis funding did not meet the criteria set by the NFL.[25] St. Louis officials countered that Kroenke was misrepresenting the city and said that St. Louis was being misrepresented at the owners' meetings.[26]

The Oakland Raiders and San Diego Chargers had complained about the aging amenities of their old stadiums (Oakland Coliseum in Oakland and Qualcomm Stadium in San Diego, respectively), and had been proposing a stadium in Carson, California (another suburb of Los Angeles) in competition with Kroenke's Inglewood proposal.

On January 4, 2016, all three teams applied to move to Los Angeles for the 2016 NFL season.[27] The following day, the Rams and Stan Kroenke released their proposal for the move. Some of the Rams' conclusions were disputed by the Mayor of St. Louis Francis Slay (in a letter to Roger Goodell),[28] the St. Louis Regional Chamber,[29] and Forbes.[30] Others said the city would be better off by not paying for a new stadium.[31]

On January 12, 2016, the NFL approved the Rams' application to move from St. Louis back to Los Angeles with a 30–2 vote; other owners praised Kroenke.[32][33] In 2017, the Chargers announced that they would move to Los Angeles for the 2017 season, with the intention of initially playing games in Carson, but then moving into Kroenke's Inglewood Stadium, pending completion. The Raiders subsequently announced a move to Las Vegas, Nevada.

On April 12, 2017, it was reported that the City of St. Louis, St. Louis County, and the Regional Convention and Sports Complex Authority filed a 52-page lawsuit against the NFL and all 32 NFL clubs as defendants (including Stan Kroenke) and seeks damages and restitution of profits.[34] On July 12, 2017, the Los Angeles Rams filed three motions seek to: dismiss the case for failure to state a claim, dismiss the case for lack of personal jurisdiction, and appeal to have the case determined through arbitration rather than in front of a St. Louis-based jury. The motions in the case will be decided upon by Judge Christopher McGraugh. On April 20, 2020, the Supreme Court denied Kroenke and the NFL's appeal of the lawsuit.[35] On November 24, 2021, after four years of litigation, it was announced that the NFL, Kroenke, and the various St. Louis parties had agreed to a $790 million settlement to end the lawsuit.[36]

Arsenal

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Kroenke is the owner of Arsenal Holdings plc, which owns soccer clubs Arsenal F.C. of the Premier League and Arsenal W.F.C. of the WSL. Arsenal already had a technical link-up with Kroenke's Colorado Rapids when in April 2007 Granada Ventures, a subsidiary of ITV plc, sold its 9.9% stake in Arsenal Holdings plc to Kroenke's KSE UK inc.[37] Kroenke went on to buy further shares in the club, taking his total stake up to 12.19%.[38] The club's board initially expressed skepticism that a bid would be in its best interests,[39] but gradually warmed to him as part of counteracting Alisher Usmanov's rival bid for the club.

By June 2008, the board had prepared to let Kroenke take over,[40] and on September 19, 2008, it was officially announced that Kroenke had joined the board of directors.[41] Kroenke had a beneficial interest in, and controlled voting rights, over 18,594 shares, representing 29.9% of the issued shares. Nearing the maximum 29.99% threshold, beyond which an offer for all remaining shares would be forced to be made.[42]

On April 10, 2011, it was reported that Kroenke was in advanced talks to complete the takeover.[43][44] The following day, it was announced that he increased his shareholding to 62.89% by purchasing the stakes of Danny Fiszman and Lady Nina Bracewell-Smith, and agreed to make an offer for the rest of the club at £11,750 per share, valuing the club at £731M.[45][46]

In August 2018, Kroenke made an offer that was accepted of around £600M valuing the total shareholding at £1.8 billion, to Alisher Usmanov, to bring his ownership of shares beyond 90% and forcing the compulsory purchase of the remaining shares.[47]

In April 2021, Arsenal were announced as a founding member of the European Super League, which would have effectively ended the pyramid system of European soccer and placed Arsenal in a closed league without prospects for meritocratic relegation and promotion. Arsenal and the five other English clubs involved backed out within two days after a strong backlash. After the aborted attempt to end the European soccer system, Arsenal fans protested and called for the Kroenke family to sell the club.[48][49][50][51] The Kroenke family released a statement saying they would not sell the club.[52]

Los Angeles Gladiators

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In late 2017, Kroenke Sports and Entertainment developed a new esports team franchise named the Los Angeles Gladiators in the newly founded Overwatch League; their inaugural season began on December 6.[53][54]

Los Angeles Guerrillas

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In 2019, Kroenke Sports and Entertainment developed its second e-sports team. KSE founded the Los Angeles Guerrillas of the Call of Duty League. They, along with the Los Angeles Gladiators of the Overwatch League, are based out of Hollywood Park next door to where Kroenke's Rams play.[55]

Awards and honors

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Personal life

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On a ski trip to Aspen, Colorado, Kroenke met his future wife, Ann Walton, daughter of Bud Walton, who co-founded Walmart with his brother Sam. As an heiress to the Walmart fortune, Ann is worth $9.1 billion as of 2023.[56] They married in 1974.[6]

Kroenke is of German descent and was raised Lutheran.[6][57] He is popularly known as "Silent Stan" because he almost never gives interviews to the press.[18]

During the 2016 U.S. presidential campaign, Kroenke donated $100,000 to the Hillary Victory Fund. He subsequently donated $1 million to Donald Trump's inaugural committee.[58][59][60]

In 2022, Kroenke experienced a unique feat with three of his teams winning championships in the same calendar year: The Rams winning the Super Bowl (February), the Mammoth winning the NLL Championship (June), and the Avalanche winning the Stanley Cup (June).[61][62]

In 2023, Kroenke's Denver Nuggets won the NBA Championship, giving him four different sports titles in a 16-month span.[63]

References

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  1. ^ Hurley, Lee (August 8, 2018). "Stan Kroenke donated money to Clinton in race against Trump". dailycannon.com. DailyCannon. Retrieved May 29, 2020.
  2. ^ Harden, Mark (October 7, 2015). "NFL owners let Kroenke keep Rams; transfer Nuggets, Avalanche to his wife". Denver Business Journal. Retrieved October 16, 2015.
  3. ^ a b As owner, Stank Kroenke fills his trophy case with teams - NY Times.com
  4. ^ a b - Obama public papers
  5. ^ Fenno, Nathan (January 17, 2015). "Stan Kroenke finishes what he starts; will finish line be in L.A.?". Los Angeles Times.
  6. ^ a b c d Longman, Jere (January 14, 2010). "From an Owner to the Quietest Sports Emperor". The New York Times.
  7. ^ "News & Announcements". Horatio Alger. Retrieved June 12, 2024.
  8. ^ "News & trends". www.leadersleague.com. Retrieved June 12, 2024.
  9. ^ Wilson, Jeremy (September 30, 2011). "The life and times of Arsenal owner Stan Kroenke". The Telegraph. Archived from the original on January 12, 2022.
  10. ^ "Michael Staenberg". Retrieved February 26, 2016.
  11. ^ Laube, James and Sogg, Daniel, Wine Spectator (March 21, 2006). "Screaming Eagle Sold".{{cite web}}: CS1 maint: multiple names: authors list (link)
  12. ^ "Billionaire Stan Kroenke Buys $132.5 Million Broken O Ranch". Forbes. Retrieved May 28, 2015.
  13. ^ "2015 Land Report 100". The Land Report. Retrieved November 2, 2015.
  14. ^ Gruley, Bryan (February 9, 2016). "NFL Owner Stan Kroenke Buys Texas Mega-Ranch Listed for $725 Million". Bloomberg. Retrieved February 25, 2016.
  15. ^ De Menezies, Jack. "Arsenal owner Stan Kroenke launches 'sickening' bloodsports TV channel in the UK that screens lion and elephant hunts". The Independent. Archived from the original on May 24, 2022. Retrieved August 4, 2017.
  16. ^ "NFL Owners OK Rams' Move to St. Louis". Los Angeles Times. April 13, 1995. Retrieved January 13, 2015.
  17. ^ "Arsenal shareholder Stan Kroenke to purchase NFL side St Louis Rams". The Daily Telegraph. London. April 13, 2010. Archived from the original on January 12, 2022. Retrieved April 21, 2010.
  18. ^ a b "Stan Kroenke is new Rams owner". ESPN. August 25, 2010.
  19. ^ "NFL owners let Kroenke keep Rams; transfer Nuggets, Avalanche to a family trust". Retrieved October 7, 2015.
  20. ^ "From the archives: Kroenke's pledge to keep the Rams in St. Louis". St. Louis Post Dispatch. April 21, 2010. Retrieved January 13, 2015.
  21. ^ "Rams win stadium arbitration". February 2, 2013.
  22. ^ "Intrigue at Rams Park: Kroenke meets with Nixon". St. Louis Post Dispatch. November 30, 2015. Retrieved November 30, 2015.
  23. ^ Farmer, Sam; Vincent, Roger (January 5, 2015). "Owner of St. Louis Rams plans to build NFL stadium in Inglewood". Los Angeles Times. Retrieved January 5, 2015.
  24. ^ Hunn, David (January 6, 2016). "Kroenke blasts St. Louis in NFL relocation proposal".
  25. ^ Hunn, David (December 18, 2015). "Goodell: $300 million for St. Louis stadium 'fundamentally inconsistent' with NFL policy".
  26. ^ "Mayor Slay Defends St. Louis Against Kroenke's Claims in Letter to Goodell". January 7, 2016.
  27. ^ "Owner of St. Louis Rams plans to build NFL stadium in Inglewood". Los Angeles Times. November 11, 2015. Retrieved January 5, 2015.
  28. ^ "Slay to Goodell: I cannot ever remember meeting Stan Kroenke". St. Louis Post Dispatch. January 7, 2016. Retrieved January 7, 2015.
  29. ^ "St. Louis to Kroenke: You're 'preposterous'". St. Louis Post Dispatch. January 7, 2016. Retrieved January 7, 2015.
  30. ^ "Stan Kroenke's Bad Relocation Math". St. Louis Post Dispatch. January 6, 2016. Retrieved January 7, 2015.
  31. ^ Nocera, Joe (January 13, 2018). "In Losing the Rams, St. Louis Wins". The New York Times.
  32. ^ "Rams headed back to Los Angeles; Chargers have option to join". ESPN. January 13, 2016. Retrieved January 13, 2016.
  33. ^ Thomas, Jim. "NFL owners thrilled by Kroenke's move". St. Louis Post-Dispatch. Retrieved January 13, 2016.
  34. ^ "St. Louis suing NFL over Rams' relocation". USA Today. April 12, 2017. Retrieved April 13, 2017.
  35. ^ "Rams seeking dismissal, ruling via arbitration in lawsuit with St. Louis over relocation". July 12, 2017.
  36. ^ "St. Louis, NFL agree to $790 million settlement in Rams lawsuit, Goodell approves". www.stltoday.com. November 25, 2021. Retrieved November 25, 2021.
  37. ^ "Kroenke buys stake in Arsenal". ESPN FC. April 5, 2007. Archived from the original on July 17, 2012. Retrieved January 12, 2016.
  38. ^ "Arsenal Holdings plc – Holding(s) in Company". PLUS Markets Group. April 12, 2007. Archived from the original on April 30, 2007. Retrieved April 12, 2007.
  39. ^ "Arsenal chairman to meet Kroenke". BBC. April 28, 2007. Retrieved April 28, 2007.
  40. ^ Harris, Nick (June 20, 2008). "Arsenal put Kroenke in position to take over club". Independent. London. Archived from the original on May 24, 2022. Retrieved June 23, 2008.
  41. ^ Main (September 19, 2008). "Kroenke Welcomed On Board". Goal.com. Retrieved November 5, 2009.
  42. ^ "Business | Kroenke nears Arsenal threshold". BBC News. November 5, 2009. Retrieved November 5, 2009.
  43. ^ [1] Archived March 21, 2012, at the Wayback Machine
  44. ^ "Exclusive: Kroenke poised for Control of Arsenal FC". Sky News. April 10, 2011. Archived from the original on April 13, 2011. Retrieved April 10, 2011.
  45. ^ "Kroenke mounts Arsenal takeover". BBC Sport. April 11, 2011. Retrieved August 4, 2023.
  46. ^ "Recommended Offer by KSE For Arsenal Holdings". Arsenal. April 11, 2011. Archived from the original on April 12, 2011.
  47. ^ "Stan Kroenke bids to buy Arsenal outright". Sky Sports. Retrieved August 7, 2018.
  48. ^ "Spotify CEO eyes Arsenal as fans protest Kroenke". ESPN.com. April 23, 2021. Retrieved April 27, 2021.
  49. ^ "Arsenal fans protest against owner Stan Kroenke and club's involvement in European Super League". Sky Sports. Retrieved April 27, 2021.
  50. ^ "Arsenal owner Kroenke apologises to Arteta". BBC Sport. Retrieved April 27, 2021.
  51. ^ "Arsenal fans protest against team owner Stan Kroenke over Super League debacle". Los Angeles Times. April 24, 2021. Retrieved April 27, 2021.
  52. ^ The Athletic Staff. "Kroenke family make it clear they are not willing to sell Arsenal". The Athletic. Retrieved April 28, 2021.
  53. ^ "Stan Kroenke & Josh Kroenke Introduce Name of New Los Angeles Overwatch League™ Franchise, the Gladiators, with Roaring Lion Logo and Purple/White Team Colors" (PDF). LA Gladiators. November 2, 2017. Retrieved November 8, 2017.
  54. ^ "THE OVERWATCH LEAGUE™ WELCOMES LONDON, SECOND LOS ANGELES TEAM". Overwatch League. August 10, 2017. Retrieved November 8, 2017.
  55. ^ "Newest Pro Team in Los Angeles Wants to Make You a Fan". Los Angeles Times. December 9, 2019.
  56. ^ "Forbes List: #79 Ann Walton Kroenke". Forbes. September 2015. Retrieved September 2, 2015.
  57. ^ PEARSON, SAMANTHA FRIEDMAN, BESA LUCI, LINDSAY BARNES and CATHERINE (July 22, 2008). "Wedding couple well-remembered in communities". Columbia Missourian. Retrieved June 12, 2024.{{cite web}}: CS1 maint: multiple names: authors list (link)
  58. ^ "Sports team owners make huge political donations. Where does their money go?". The Guardian. November 11, 2016. Retrieved January 27, 2019.
  59. ^ "Stan Kroenke, Los Angeles Rams". Sports Illustrated. July 18, 2018. Retrieved January 27, 2019.
  60. ^ "How much money NFL owners have donated to Donald Trump". USA Today. September 24, 2017. Retrieved January 27, 2019.
  61. ^ Avalanche defeat Lightning for their first Stanley Cup title in 21 years - LA Times.com
  62. ^ Stanley Cup 2022: Avalanche's title latest boon for Stan Kroenke - Fox News.com
  63. ^ Adam Schefter on Twitter
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