Arsenal keep Usmanov at arm’s length by rejecting proposal for rights issue
Gunners chief executive Ivan Gazidis said yesterday that the board had discussed the fund-raising exercise but concluded it would not greatly improve their financial position.
Usmanov, who owns a 25 per cent stake through the investment vehicle Red and White Holdings, said he accepted the decision but made clear he disagreed with the board’s judgement.
“We do not share their view but are prepared to give them the benefit of the doubt for the moment,” said a Red and White statement. “However, we will keep the situation under close review.”
Usmanov had argued a rights issue would benefit the club by reducing its sizeable debt and boosting manager Arsene Wenger’s spending power.
But a board that has repeatedly frozen the Russian out was never likely to agree to a move that could allow him to increase his stake.
Gazidis said: “Using permanent capital to pay down debt would not radically transform the annual cash flow of the club.”
Striker Robin van Persie, meanwhile, has committed to a new long-term contract with Arsenal.