Yes he can. As majority shareholder he decides where Arsenal’s funds are banked. The money is officially Arsenal’s but he can bank it where he sees fit as majority shareholder.
Not sure if serious about ‘there isn’t anything legal that stops it being spent’, umm yes it does, any spending above X amount will require the majority shareholders sign off. There’s likely only a certain amount of finance that is instantly available from that 200 million anyway if any of those funds are in long term bonds etc.
There’s probably a transfer fund account with X amount in it that Kronke has signed off in May/June or maybe later to be spent. If anyone thinks that’s anywhere remotely near 200million they’re living in lalaland