Josh Kroenke’s statement earlier this year hinted at a monumental shift for Arsenal and the Emirates Stadium.
Speaking to ESPN in July, the son of club owner Stan Kroenke revealed: “The internal conversations are starting to occur about [the stadium]. It is not an easy renovation, but we see the possibilities of what’s there.” These words underscored a pressing reality: the £390 million Emirates Stadium, once a beacon of modernity when it opened in 2006, is now trailing behind its Premier League rivals.
Despite being the fifth-largest stadium in the league with a capacity of 60,704, the Emirates has been overtaken by newer or expanded venues. Tottenham’s 62,850-seat stadium, West Ham’s 62,500-capacity London Stadium, and Liverpool’s 61,276-seat Anfield have leapfrogged Arsenal, while Manchester City’s ongoing Etihad expansion threatens to add another name to the list. The gulf is only widening, with Manchester United considering a colossal 100,000-seat arena dubbed the “Wembley of the North.”
Reports suggest Arsenal aims to increase the Emirates’ capacity to 80,000 seats. If realized, this ambitious target would make it the fifth-largest stadium in Europe, trailing only icons like the Nou Camp and Wembley. However, turning this vision into reality is no easy feat. A web of challenges—including council approval, safety concerns, and logistical hurdles—lies ahead.
From an economic standpoint, the urgency to expand is clear. Arsenal generated £464.6 million in revenue for the 2022-23 season, a respectable figure but significantly behind Manchester City (£712.8m), Manchester United (£648m), Liverpool (£593.8m), and even Tottenham (£549.6m). Increasing matchday income, especially from season tickets and hospitality, could help bridge this gap.
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Currently, Arsenal’s annual catering and hospitality earnings stand at £102.6 million, impressive yet trailing Tottenham (£117.6m) and Manchester United (£163.4m). Meanwhile, Arsenal’s season-ticket prices, which saw a 6% hike last summer, range from £461.50 to £2,050.50—among the highest in the league. But even this isn’t enough to satiate the club’s 10-year season-ticket waiting list, signaling untapped demand that could be addressed with increased capacity.
To meet these challenges, Arsenal has multiple options. One strategy is to reconfigure the existing seats, replacing them with slightly smaller ones to add a few thousand more. Another option is lowering the pitch, a technique used at SoFi Stadium, home to the Kroenke-owned LA Rams, where the playing surface is sunk 100 feet below ground level. However, Emirates’ structural design and surrounding railway lines complicate such plans.
Renovating individual stands could also be a solution, albeit a disruptive one. Closing sections during construction would temporarily dent matchday revenues, and areas like the West Stand, housing dugouts and changing rooms, pose significant logistical challenges. An alternative is reworking the roof to accommodate additional tiers, though this would come with high costs and limited sightlines for fans in the upper reaches.
Relocation
Relocation remains the wildcard option. While the Kroenkes have made no indication of considering this, and the Emirates is still relatively new, the prospect of moving to a larger, state-of-the-art venue would be a seismic shift. However, such a move would face opposition from Islington Council, local businesses, and residents who benefit economically from matchdays.
The relationship between Arsenal and local authorities has been historically complex. When planning the Emirates, Arsenal faced significant resistance, ultimately providing funds to improve local transport infrastructure. However, matchday overcrowding concerns persist, with nearby Holloway Road and Drayton Park stations closed on game days, and Highbury and Islington often overwhelmed post-match.
Expanding the Emirates will likely require further financial contributions to upgrade Holloway Road station or other transport facilities. Whether the Kroenkes are willing to invest in these improvements remains uncertain. However, the stakes are high. Failing to address these issues could leave Arsenal lagging further behind their rivals both on and off the pitch.
The Kroenkes’ track record with real estate offers some optimism. From the $650 million LA Rams training facility in Woodland Hills to the transformative development projects in Denver, the family’s investments showcase a commitment to innovation. SoFi Stadium, their $5 billion jewel in Los Angeles, stands as a testament to their ambition, blending cutting-edge design with revenue-generating versatility.
Experimenting with non-footballing events
Arsenal has already begun experimenting with non-footballing events at the Emirates, hosting the 2024 XTX Markets London Chess Classic and an upcoming Robbie Williams concert. These ventures hint at a broader strategy to maximize the venue’s potential year-round. However, increasing matchday capacity remains the linchpin of long-term financial growth.
In the hyper-competitive Premier League, where standing still equates to falling behind, Arsenal cannot afford complacency. The Kroenkes have shown they’re willing to spend on their other sports franchises, and now the Emirates appears to be next on their list.
With talks still in early stages, it’s clear that any expansion will be a costly and complex undertaking. But for Arsenal to compete with the likes of Manchester United and Manchester City—not just on the pitch but in revenue streams—they must act decisively. The Emirates’ transformation isn’t just a renovation; it’s a statement of intent.