Arsenal's second-biggest stakeholder, Alisher Usmanov, had recently forwarded a proposal that would attempt to generate sufficient transfer funds as well as reduce the club's debt.
However, the majority decision within the Gunners board swayed in favour of rejecting the proposal - which did not come as a surprise to the Uzbek-born Russian billionaire.
Usmanov's idea was intended to issue new shares to be available for purchase, but the board was adamant that they have the power necessary to compete at a top level - despite the plan to profit from the re-development of the Highbury flats.
"The board has informed us they are confident that they have adequate financial resources to support the manager to strengthen the squad, to weather the property downturn, to renegotiate the Highbury Square loan
on good terms and to deal with the continuing difficult economic conditions," read a statement from Usmanov’s company, Red and White Holdings.
"We do not share their view, though are prepared to give them the benefit of the doubt for the moment."
Source: Goal.com
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