Arsenal are now unlikely to qualify for any European football next season, and are bracing themselves for the financial implications.
But The Sun says Kroenke is convinced that the former midfielder is the right man to lead the club forward.
In order to help him do that, the owner have sanctioned a huge spending spree this summer.
The report claims at least two or three big-name players will arrive through the doors at the Emirates this summer.
Arsenal announced a whopping £47.8million annual loss in March to confirm their poor financial situation.