Arsenal’s majority shareholder, Stan Kroenke, is reportedly set to take out a $1bn loan for his LA stadium project.

• Kroenke takes out largest ever loan for sports team
• The American business man owns 62.89% of Arsenal
• He recently moved St. Louis Rams 2000 miles to LA

The LA Stadium project, which is set to cost a total of $3bn, will house the LA Rams, formerly of St. Louis.

Since Kroenke moved the St. Louis Rams 2000 miles from their home to LA, they’ve been located at Los Angeles Memorial Colosseum. However, obviously, the NFL side need their own stadium, which is apparently what this massive loan is for.

Interestingly, it appears that the NFL and Kroenke are being sued for this relocation by the city of St. Louis. They claim that the move violated relocation guidelines as it wasn’t made known to the city in advance and therefore they forked out millions for their riverfront stadium when Kroenke planned to move all along.

“In the years leading up to the Rams relocation request, Rams officials decided to move the team and confidentially determined that they would be interested in exploiting any opportunity to do so,” the lawsuit states.

The NFL says there is “no legitimate basis” for the lawsuit.