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

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.”

It continues Kroenke's work in American projects as he also plans to launch a new stadium for MLS outfit Colorado Rapids. He is said to be in the process of also obtaining 88 acres of land and a county water park with the ambition of connecting Dick's Sporting Goods Park, currently owned by Commerce City, to the 269-acre plot he owns around the stadium

That alone could set him back £38million ($50m) and is yet another example of his desire to improve the facilities around his sporting franchises.

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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