THE ARSENAL board of directors are to spend more time scrutinising a proposed rights issue put forward and underwritten by the Russian oligarch Alisher Usmanov, the second biggest investor in the club, before they decide whether or not to support the scheme.
The issue was addressed at a board meeting yesterday with the directors listening to Usmanov’s argument for adopting the scheme – which would potentially reduce the club’s €468 million debts and provide the manager, Arsène Wenger, with significant transfer funds – and discussing the proposals on the table.
Any decision either way, however, will only be made after a further period of reflection, with concerns persisting among some directors as to the real motives behind the plans.
There are fears within the club’s hierarchy that the rights issue would ultimately prove a means of Usmanov, who owns 25 per cent of Arsenal, gaining greater control at the Emirates. A decision is likely to be made next week over whether to take up Usmanov on his offer.
The Arsenal chief executive, Ivan Gazidis, had called for a salary cap in the Premier League to help encourage greater financial stability and yesterday Uefa responded by saying it would announce decisions on “financial fair play” at its next meeting in September.
“The key principle on the road towards a fairer and more transparent game is that football should reward those clubs living within their means,” Uefa said.
“This means that clubs shall need to reduce their spending. To be viable, salaries and transfers should be proportionate to the generated income. Clubs should invest in their youth sectors, and use their home-grown talent to reinforce their squads.”
Uefa’s general secretary, David Taylor, said the proposals would be discussed with clubs, players and leagues at the next meeting of the Professional Football Strategy Council at the end of next month.
Meanwhile, Wenger has secured his hugely promising midfielder Jack Wilshere on a long-term contract. The 17-year-old, the youngest player to represent Arsenal in both the league and in European competition, followed Aaron Ramsey in committing his future to the Londoners.
“It is such great news that Jack has signed a new long-term contract,” said Wenger. “Jack made great progress last season, playing at under-18s, reserves and first-team level and we all witnessed what a great young talent he is.”
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