Stan Kroenke

Stan Kroenke
Born Enos Stanley Kroenke
(1947-07-29) July 29, 1947
Columbia, Missouri, U.S.
Other names Silent Stan[1]
Education (B.A.) University of Missouri, 1969
(B.S.) University of Missouri
MBA. University of Missouri
Occupation Owner/CEO of the Los Angeles Rams
Chairman and CEO of the Kroenke Sports & Entertainment
Chairman of THF Realty
Owner of Colorado Mammoth
Founder of Kroenke Group
Owner of Colorado Rapids
Owner of Arsenal F.C.
Owner of Los Angeles Gladiators
Net worth IncreaseUS$8.5 billion (October 2018)[2]
Political party Republican party
Spouse(s) Ann Walton Kroenke (m.1974-present)
Children 2, son Josh and daughter Whitney Ann

Enos Stanley Kroenke (/ˈkroʊŋki/; born July 29, 1947) is an American businessman and entrepreneur. He is the owner of Kroenke Sports & Entertainment, which is the holding company of English Premier League football club Arsenal, the Los Angeles Rams of the NFL, Denver Nuggets of the NBA, Colorado Avalanche of the NHL, Colorado Rapids of Major League Soccer, Colorado Mammoth of the National Lacrosse League and the newly formed Los Angeles Gladiators of the Overwatch League.

The Denver Nuggets and Colorado Avalanche franchises are currently owned by his wife, Ann Walton Kroenke, to satisfy NFL ownership restrictions that forbid a team owner from owning teams in other markets.[3] Ann is the daughter of Walmart co-founder James Walton.

He was estimated to be worth US$8.5 billion by Forbes in 2018.

Early life and education

Kroenke grew up in Mora, Missouri, an unincorporated community with a population of approximately two dozen, where his father owned Mora Lumber Company.[4][5] His first job was sweeping the floor at his father's lumber yard. By age 10 he was keeping the company's books. In a September 2011 interview with The Telegraph newspaper, Kroenke said he was lucky — both as a youngster and later in life — to be surrounded by family and friends who saw the value of attaining a good education, which he said contributed to his success. At Cole Camp (Missouri) High School, he played baseball, basketball and ran track.[6]

Kroenke obtained a Bachelor of Arts, Bachelor of Science and a Masters of Business Administration from the University of Missouri.

Business career

Real estate

He founded the Kroenke Group in 1983, a real estate development firm that has built shopping centers and apartment buildings. Since his marriage to Walton, he has been in the special position to develop many of the plazas near Walmart stores.

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.[7]

Other ventures

In 2006, Kroenke, in partnership with the money manager Charles Banks, acquired the Napa Valley winery Screaming Eagle. (In April 2009, Banks said he was no longer involved with Screaming Eagle.)[8]

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.[9][10] Among notable purchases is his February 2016 acquisition of the famous Waggoner Ranch in Texas, the largest ranch within one fenceline.[11]

In August 2017, he came under fire for launching a new outdoor sports television channel that was unveiled in the United Kingdom and will show regular hunting programmes that includes killing elephants, lions and other vulnerable African species.[12]

Professional sports

St. Louis Rams

Kroenke is a well-known sports mogul. As the head and owner of Kroenke Sports & Entertainment, he bought a stake in the National Football League's St. Louis Rams after their relocation to Missouri in 1995.

In 2010, Kroenke exercised his right of first refusal to buy the remaining interest in the Rams from the estate of late owner Georgia Frontiere.[13] 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.[14] On October 7, 2015, the NFL approved transfer of his ownership stake of the Avalanche and Nuggets to his wife, Ann Walton Kroenke.[15]

Los Angeles Rams

St. Louis Rams relocation to Los Angeles

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

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. "[17]

In February 2013, the Rams and the City of St. Louis went to arbitration over a clause in the Rams lease that stated the Rams current stadium must be in the top tier of NFL Stadiums. The arbitrators agreed with the Rams, giving the Rams the ability to break their original lease and go to a year to year lease agreement.[18]

Saying that he was willing to work with Missouri officials and to give the governor a "complete understanding" of the stadium situation, on November 30, 2015, Stan Kroenke met with Missouri Governor Jay Nixon at Rams Park in Earth City, Missouri.[19]

On January 5, 2015, it was announced that the Kroenke Group was teaming up with Stockbridge Capital Group to build a 70,000 seat NFL stadium and venue in Inglewood, California, a suburb of Los Angeles, threatening the Rams' future in St. Louis. In response, St. Louis countered with National Car Rental Field, a proposed open-air stadium in the north riverfront in downtown St. Louis with the hope of the Rams staying in St. Louis.[20] At the NFL relocation presentation that St. Louis was no longer a viable market for the NFL and was best served with only two teams. Kroenke also questioned the financial future of the team.[21] NFL commissioner Roger Goodell also stated that St. Louis funding did not meet the criteria set by the NFL.[22] St. Louis officials countered that Kroenke was misrepresenting the city and defended that St. Louis was being misrepresented at the owners’ meeting.[23]

The Oakland Raiders and San Diego Chargers are also unhappy with old stadiums (O.co Coliseum in Oakland and Qualcomm Stadium in San Diego respectively) lacking updated amenities and were proposing a stadium in Carson, California, another suburb of Los Angeles, in competition with Kroenke's Inglewood proposal. As of 2017, the Chargers have announced they will be moving to Los Angeles for the 2017 season. Playing games initially in Carson and then will move into Kroenke's Inglewood Stadium. The Raiders have announced a move to Las Vegas, Nevada.

On January 4, 2016, all three teams applied for relocation to Los Angeles for the 2016 NFL season.[24] The following day, the Rams and Stan Kroenke released their proposal for relocation. Some of the Rams' conclusions were disputed by the Mayor of St. Louis Francis Slay (in a letter to Roger Goodell),[25] the St. Louis Regional Chamber,[26] and Forbes.[27] However, some say that staying in St. Louis was ultimately a bad deal for the city and the city is better off with them leaving.[28]

On January 12, 2016, the NFL approved the Rams' application to relocate from St. Louis back to Los Angeles with a 30-2 vote and Kroenke was praised by other NFL owners afterwards.[29][30] 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.[31] 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.[32]

Denver Nuggets and Colorado Avalanche

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

In 2002, He 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

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

Kroenke Sports and Entertainment

Kroenke Sports & Entertainment owns Pepsi Center in Denver, home of the Nuggets and Avalanche, 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.

Arsenal F.C.

Kroenke is the largest shareholder of Premier League association football club Arsenal. Arsenal already had a technical link-up with Kroenke's Colorado Rapids when in April 2007 Granada Ventures, a subsidiary of ITV plc, had sold its 9.9% stake in Arsenal Holdings plc to Kroenke's KSE UK inc.[33] Kroenke went on to buy further shares in the club, taking his total stake up to 12.19%.[34] The club's board initially expressed skepticism that a bid would be in its best interests,[35] 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 the club,[36] and on September 19, 2008, it was officially announced that Kroenke had joined the Arsenal board of directors.[37] Kroenke had a beneficial interest in, and controlled voting rights, over 18,594 shares, representing 29.9% of the issued shares. Thus, he was nearing the maximum 29.99% threshold, beyond which he would be forced to make an offer for all remaining shares.[38]

On April 10, 2011, it was reported that Kroenke was in advanced talks to complete the takeover of Arsenal.[39][40] The following day, it was announced that he increased his shareholding in Arsenal 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.

In August 2018, he made an offer of around £600m in a deal that would value the Gunners at £1.8bn, to the second major share holder Alisher Usmanov to take complete control of the club.[41]

Los Angeles Gladiators

In late 2017, Kroenke Sports and Entertainment developed a new esports team franchise in the newly founded Overwatch League, named the Los Angeles Gladiators, that will begin their inaugural season later that year on December 6.[42][43]

Personal life

On a ski trip to Aspen, Colorado, Kroenke met his future wife, Ann Walton, a Walmart heiress. They married in 1974.[5] Already wealthy from real estate, he accrued significant additional wealth when he and Ann inherited a stake in Wal-Mart Stores Inc. upon the 1995 death of her father, James Walton. As of September 2015, that stake is worth $4.8 billion.[44]

He is of German descent and was raised Lutheran.[5]

Kroenke is a somewhat reclusive man. He is popularly known as "Silent Stan" because he almost never gives interviews to the press.[14] He rarely interferes in his teams' day-to-day operations.

References

  1. ↑ "Silent Stan shakes up St. Louis, L.A." nbcsports.com. Retrieved January 19, 2016.
  2. ↑ Real Time Ranking (January 1, 1970). "Stanley Kroenke". Forbes. Retrieved April 4, 2016.
  3. ↑ Harden, Mark (October 7, 2015). "NFL owners let Kroenke keep Rams; transfer Nuggets, Avalanche to his wife". Denver Business Journal. Retrieved October 16, 2015.
  4. ↑ Fenno, Nathan (January 17, 2015). "Stan Kroenke finishes what he starts; will finish line be in L.A.?". The Los Angeles Times.
  5. 1 2 3 Longman, Jere (January 14, 2010). "From an Owner to the Quietest Sports Emperor". The New York Times.
  6. ↑ Wilson, Jeremy (September 30, 2011). "The life and times of Arsenal owner Stan Kroenke". The Telegraph.
  7. ↑ "Michael Staenberg". Retrieved February 26, 2016.
  8. ↑ Laube, James and Sogg, Daniel, Wine Spectator (March 21, 2006). "Screaming Eagle Sold".
  9. ↑ "Billionaire Stan Kroenke Buys $132.5 Million Broken O Ranch". Forbes. Retrieved May 28, 2015.
  10. ↑ "2015 Land Report 100". The Land Report. Retrieved November 2, 2015.
  11. ↑ Gruley, Bryan. "NFL Owner Stan Kroenke Buys Texas Mega-Ranch Listed for $725 Million". Bloomberg Business. Retrieved February 25, 2016.
  12. ↑ De Menezies, Jack. "Arsenal owner Stan Kroenke launches 'sickening' bloodsports TV channel in the UK that screens lion and elephant hunts". The Independent. Retrieved August 4, 2017.
  13. ↑ "Arsenal shareholder Stan Kroenke to purchase NFL side St Louis Rams". The Daily Telegraph. London. April 13, 2010. Retrieved April 21, 2010.
  14. 1 2 "Stan Kroenke is new Rams owner". ESPN. August 25, 2010.
  15. ↑ "NFL owners let Kroenke keep Rams; transfer Nuggets, Avalanche to his wife". Retrieved October 7, 2015.
  16. ↑ "NFL Owners OK Rams' Move to St. Louis". Los Angeles Times. April 13, 1995. Retrieved January 13, 2015.
  17. ↑ "Kroenke's pledge to keep the Rams in St. Louis". St. Louis Post Dispatch. April 21, 2010. Retrieved January 13, 2015.
  18. ↑ "Rams win stadium arbitration". February 2, 2013.
  19. ↑ "Intrigue at Rams Park: Kroenke meets with Nixon". St. Louis Post Dispatch. November 30, 2015. Retrieved November 30, 2015.
  20. ↑ 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.
  21. ↑ Hunn, David. "Kroenke blasts St. Louis in NFL relocation proposal".
  22. ↑ Hunn, David. "Goodell: $300 million for St. Louis stadium 'fundamentally inconsistent' with NFL policy".
  23. ↑ "Mayor Slay Defends St. Louis Against Kroenke's Claims in Letter to Goodell - 101Sports.com". January 7, 2016.
  24. ↑ "Owner of St. Louis Rams plans to build NFL stadium in Inglewood". Los Angeles Times. November 11, 2015. Retrieved January 5, 2015.
  25. ↑ "Slay to Goodell: I cannot ever remember meeting Stan Kroenke". St. Louis Post Dispatch. January 7, 2016. Retrieved January 7, 2015.
  26. ↑ "St. Louis to Kroenke: You're 'preposterous'". St. Louis Post Dispatch. January 7, 2016. Retrieved January 7, 2015.
  27. ↑ "Stan Kroenke's Bad Relocation Math". St. Louis Post Dispatch. January 6, 2016. Retrieved January 7, 2015.
  28. ↑ Nocera, Joe (January 13, 2018). "In Losing the Rams, St. Louis Wins" – via NYTimes.com.
  29. ↑ "Rams headed back to Los Angeles; Chargers have option to join". ESPN. January 13, 2016. Retrieved January 13, 2016.
  30. ↑ Thomas, Jim. "NFL owners thrilled by Kroenke's move". St. Louis Post-Dispatch. Retrieved January 13, 2016.
  31. ↑ "St. Louis suing NFL over Rams' relocation". USAToday.com. April 12, 2017. Retrieved April 13, 2017.
  32. ↑ "Rams seeking dismissal, ruling via arbitration in lawsuit with St. Louis over relocation". July 12, 2017.
  33. ↑ "Kroenke buys stake in Arsenal". Soccernet.espn.go.com. April 5, 2007. Retrieved January 12, 2016.
  34. ↑ "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.
  35. ↑ "Arsenal chairman to meet Kroenke". BBC. April 28, 2007. Retrieved April 28, 2007.
  36. ↑ Harris, Nick (June 20, 2008). "Arsenal put Kroenke in position to take over club". London: Independent. Retrieved June 23, 2008.
  37. ↑ Main (September 19, 2008). "Kroenke Welcomed On Board". Goal.com. Retrieved November 5, 2009.
  38. ↑ "Business | Kroenke nears Arsenal threshold". BBC News. November 5, 2009. Retrieved November 5, 2009.
  39. ↑ Archived March 21, 2012, at the Wayback Machine.
  40. ↑ "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.
  41. ↑ "Stan Kroenke bids to buy Arsenal outright". Sky Sports. Retrieved 2018-08-07.
  42. ↑ "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.
  43. ↑ "THE OVERWATCH LEAGUE™ WELCOMES LONDON, SECOND LOS ANGELES TEAM". Overwatch League. August 10, 2017. Retrieved November 8, 2017.
  44. ↑ "Forbes List: #79 Ann Walton Kroenke". Forbes. September 2015. Retrieved September 2, 2015.
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