Arsenal owner continues major $700m investment as fifth mega deal confirmed

Arsenal news: Stan Kroenke has continued to add to his giant portfolio of investments as he funds an enormous San Diego project in America.

Last month Arsenal owner Stan Kroenke announced that he had joined Midway Rising Group after confirmation of his newest project. It was the fifth major development in recent months for the American billionaire.

It was confirmed last month that Kroenke was close to leading investment into the big-money project that could generate almost £5.4billion ($7bn), expanding his real estate portfolio. Upon the announcement, San Diego Mayor Todd Gloria revealed that Kroenke will be part of a group redeveloping the Midway District and the Sports Arena area.

"Today’s announcement of the Kroenke Group’s addition to the Midway Rising team underscores that San Diego is a world-class city that can attract significant investment in projects and enterprises that elevate the community for all our residents," she said.

"I’m proud to welcome the Kroenke Group to San Diego and am looking forward to seeing the sports arena property’s transformation into a place for San Diegans to live, work and play.”

Kroenke, head of Kroenke Sports and Entertainment (KSE), is also ready to move 2021 Super Bowl winners LA Rams to a new training centre 20 miles closer to their state of the art SoFi stadium that Arsenal will be playing at later this summer during pre-season.

Alongside the Rapids, who are one of the worst sides in MLS, Arsenal are the remaining side with major honours outstanding on his list of successes after Denver Nuggets were crowned NBA champions earlier this year.

It has also raised the prospect of another elite sporting franchise coming to the area after Kroenke's recent achievements in the field.

A spokesperson for the Kroenke Group said: “The Midway Rising project will continue growing our investment in the Southern California region and we appreciate the City’s confidence in our joint vision with the existing project partners.

"This project is an incredibly exciting opportunity for The Kroenke Group to make a profound impact in San Diego, and it lays a foundation for our future investment in the community,” said Jason Gannon of The Kroenke Group."

It has further been reported that Kroenke is expected to fund over 95% of the project and chief development officer at Chelsea Investment corportation, Jim Andersen, spoke glowingly of his involvement with Midway Rising, saying earlier this year: "It is so compelling, and it is such an exciting investment opportunity; that one of the most successful and deep-pocketed real estate investors has chosen San Diego to put his investment dollars," he said. "We are going to have a deep-pocketed balance sheet to see us from today all the way through the final home being developed and rented.

"So we couldn't be more thrilled by the opportunity of having someone of the Kroenke group's stature being shoulder to shoulder partners with this all along the way and it simply just really gives the project a turbo boost in terms of national prominence and attention, which is frankly what we're going to need to get through the next couple of years."

Finally, he also paid £116million ($150m) in a private investment into the Promenade Mall in Woodland Hills, capping off a massive spend totalling $545.2million ($700m) before the undisclosed Midway Rising deal is taken into account.