Kroenke's Arsenal will not be saddled with debt
Ever since Stan Kroenke announced his intention to buy Arsenal last month, he has faced questions over exactly how he would fund a deal which values the club at £731m.
Despite a fortune counted in billions rather than millions and repeated pledges not to load the club with debts, fans have been anxious that he might copy the Glazer family at Manchester United by using club money to cover hefty interest payments.
Well, today we at least got an answer of sorts as
On page eight of that document the American sports tycoon reveals his business, Kroenke Sports Enterprises (KSE) has "entered into a finance facility with Deutsche Bank AG, New York branch, to satisfy the certain funds requirement of rule 24.7 of the Takeover Code".
Kroenke's offer for the remaining Arsenal shares reiterates his intent to not load club with debt
What this means is that Kroenke HAS borrowed money (or at least arranged a credit facility) to complete the takeover should every Arsenal shareholder take up his offer of £11,750 a share.
To cover that it is estimated that he will need £394m, having already spent around £230m buying the shares of former director Danny Fiszman, who died after a long illness last month, and Lady Nina Bracewell Smith.
Those deals took his shareholding from just under 30% to 63% triggering the full offer for the club.
That even super-rich businessmen like Kroenke need or choose to use credit to fund acquisitions of this sort is no surprise.
And Kroenke repeated his promise today not to use Arsenal's money to cover his own acquisition costs. He said: "The offer is not being funded by way of any debt finance for which the payment of interest on, repayment of, or any security for any liability (contingent or otherwise) will depend on the business of Arsenal."
That will be a huge relief to Arsenal supporters who were also encouraged by a new pledge from Kroenke to meet with them regularly and to engage with them on the key decisions involving the club.
But in a week when Arsenal's season tickets went up by 6.5%, there is certain to be increased scrutiny of how the business is run to ensure Kroenke keeps to his promise not to use club money to pay his interest bill with Deutsche Bank.