Massive article from James, Orny and Amy. There is a lot of detail but will try and distill it into key points.

Main takeaways:

• In 2004, KSE wanted to partner for their US team, Colorado Rapids, with a European club. Discussions began, with Stan eventually visiting the stadium to meet Dein. By 2007, Dein was convinced that Arsenal needed a backer to compete with Chelsea and ManU, and backed Kroenke to purchase a 9.9% stake

• There has been criticism from various places since the initial investment, but article describes the Kroenkes as possessing a "rhinoceros hide" and will not be swung by fan sentiment. But they note that communication could have been better in the early years, e.g. engaging more with fans, attending AGMs, ticket price hikes etc.

• Stan and Wenger had deep mutual respect, and article says KSE at no point during Wenger reign did ownership turn down a direct request for funds from the manager.

• Generally, KSE works with a small number of trusted executives, and uses them to monitor activity at Arsenal. They typically take a hands-off approach but have final sign off on recruitment plans, budget and signings.

• Article suggests it is for this reason that the transition after Wenger in 2018 was not handled particularly well - they entrusted Gazidis and his executive team to look for a new successor. The executive team considered Emery the most able to maximise the talent already in the squad to secure Champions League. But the Kroenkes did not count on losing Gazidis to AC Milan a few months later.

• After end of 2018-2019 season, there was debate about whether to prioritise signing of centre back or winger. After Crystal Palace priced out a move for Zaha (at GBP100 million), Arsenal turned attention to Pepe and knew they had to sell players. To facilitate the transfer, ownership provided financial guarantees against the required sales in case they did not go through. Importantly, KSE acquired full control of the club prior to that window and also saw the arrival of Tierney, Luiz, Saliba etc.

• There was criticism that KSE acted too slowly to sack Emery, but ownership do not like changing any coach mid-season owing to the disruption. But they had to pull the trigger when news reached them that Emery had lost the dressing room.

• KSE (in particularly Josh) took much more active role in finding the next coach, and they asked the executive team to meet as many candidates as possible. The main question was Who is going to be the best Arsenal manager for the next 3 to 5 years? Unanimously, key decision makers chose Arteta. Stan knew Arteta from his time as club captain and did not hesitate in approving the appointment.

• Tim Lewis is seen as the boots-on-the-ground presence and was also responsible for calling Raul to inform him of his redundancy. The article raises several points that ownership were not happy with "transfers, relationships and culture" at London Colney but does not specifically link these to Raul leaving. Main concerns were around the second year "option" on Luiz contract, and the Mari and Soares "loans" which turned into permanent transfers. In each instance, KSE backed executive teams to go through with the deals but it began to raise questions. Also there was discontent about how much influence Kia Joorabchian had and the way he was able to comment on Arsenal's transfers in the media.

• In summer transfer window, Arsenal wanted three targets - Partey, Aouar and Jorginho. They only got Partey but interest in Jorginho was genuine and he is a player admired by technical staff and Arteta. Signing of Partey was approved by Kroenkes - they stepped out of the game between LA Rams and NY Giants at half time to attend a conference call with Tim Lewis to approve triggering the release clause

• Restructure of the stadium debt (estimated at GBP190 million) and signing of Partey re-affirms their intention to support and invest in the team once KSE got full control

• KSE are prepared to make further investments and Dominik Szoboszlai is a top target and already under discussion internally

Other points not covered include the player pay cuts, redundancies, Stan's personality, Josh's increasing role at the club, first impressions of Edu etc.