Arsenal are threatening to head into meltdown after co - owner Alisher Usmanov launched an attack on the club.
After
being hit by Robin van Persie's refusal to sign a new contract, the
Gunners hierarchy have now been questioned in an open letter from Red
& White Holdings - which is fronted by Russian billionaire Usmanov.
It turns up the heat on owner Stan Kroenke as the club battles to stay among the Barclays Premier League's elite.
Arsenal's second-biggest shareholders
have written to Kroenke expressing 'deep reservations' about how the
American is running the club.
Usmanov
and Farhad Moshiri claim that a 'tight' financial regime is leading to
manager Arsene Wenger selling his best players and 'having to continue
to find cheaper replacements.'
They
complain that 'we are faced with losing our true marquee player'
because we cannot 'give confidence that we can win trophies,' asking
'where are the safeguards to ensure that this doesn't happen again and
again?'
The pair own just under 30 per cent
of Arsenal through investment company Red & White but haven't been
allowed on the board by Kroenke.
Red & White feel Arsenal chief
executive Ivan Gazidis has given the impression there is a 'bitter
stand-off' between themselves and the hierarchy.
The letter continued: 'In our view it
is clear you are trying to distract attention from the more fundamental
issues facing the club.
These are the financial model, the lack of investment and club's future strategic direction.
'At the heart of this is the policy of so-called self-financing.
'The previous decision by the board
to fund the building of the Emirates Stadium with long-term debt was, we
believe, certainly not about self-financing.'
Red & White, who point out they have 'invested circa £200million of cash', set out their 'vision' for Arsenal.
The
letter added: 'It is simple. A debt free club, with a big enough war
chest to buy top talent players who can hit the ground running and who
can complement the club's long tradition of developing young players and
homegrown talent.
'Together they can help the club win
the most prestigious trophies - because it is the trophies which are the
crowning achievement for everybody at the club.'
Red
& White closed their letter by wishing Kroenke 'every success',
although stressing they have 'deep reservations about the viability of
the policies being pursued by his management team and sanctioned by the
board'.
The letter
concluded: 'Finally and reflecting our long-term commitment to the club,
we will continue to purchase more shares in the club from anyone who
wants to sell them to us.
'Also
in order to formalise our long-term involvement with the club and put
an end to any speculation over our position, we, as the co-owners of Red
& White, will proudly retain our holding in the club as a long-term
investment for ourselves and our family members to benefit for
generations to come.
'We want the absolute best for the club and will do what is necessary to ensure the success of the club that we all love.'
Arsenal will take time reviewing statements in the open letter before deciding whether to make any official response.
However, it is understood the Gunners
board and management team are all very committed to the current
direction, with a firm belief that the self-funding model will bring
long-term success, both on and off the pitch.
The
claims by RWS follow on from the announcement by Van Persie, in a
carefully worded statement on his official website, that he would not be
extending his current deal, which runs out next summer.
The
28-year-old netted 37 goals in all competitions as Arsenal eventually
secured third place, and manager Arsene Wenger recently declared the
club must retain their talisman 'at all costs'.
However,
despite meeting with Wenger and chief executive Gazidis at the end of
last season and the signings of Germany striker Lukas Podolski as well
as France forward Olivier Giroud, Van Persie remains unconvinced he can
fulfil his ambitions with the club he joined as a raw talent from
Feyenoord in May 2004.
Van Persie will turn 29 in August, and the next contract he agrees could well be his last at the highest level.
Courtesy of DAILYMAIL.
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