No need for billionaire backer say Arsenal

Arsenal said yesterday they did not need a billionaire backer and had had no contact with Alisher Usmanov, the wealthy Russian businessman who has built up a 21 per cent stake and wants more.

"We will meet any major shareholder that seeks a meeting. We have not met Usmanov and Usmanov has not requested a meeting," managing director Keith Edelman told reporters as Arsenal reported a 65 per cent drop in annual profit, due mainly to the costs of refinancing their debts.

Following the foreign takeovers of Manchester United, Chelsea and Liverpool, Arsenal are the latest Premier League club at the centre of power wrangling with an overseas tycoon.

Former vice-chairman David Dein is spearheading Red and White Holdings, the investment vehicle bankrolled by Usmanov and London-based Farhad Moshiri.

Edelman told reporters the club were not concerned if Usmanov waged a hostile takeover war.

"We don't feel particularly threatened. We believe more than 51 per cent of shareholders will support the current board."

Arsenal's board itself controls over 45 per cent of its shares and has vowed not to sell its stake until April at the earliest.

Arsenal chairman Peter Hill-Wood said he expected major shareholders Danny Fiszman and Nina Bracewell-Smith to keep their shares well past the deadline.

"I don't think the April date has any significance... The board are totally united in resisting any attempt to wrestle the club from us."

Edelman said that, while no meetings were planned, he expected to have further talks with Stan Kroenke, the American sports tycoon who owns a 12 per cent stake in the club.

A boardroom bust-up forced Dein out of the club in April after he and the rest of board disagreed that they needed a billionaire investor to keep up with the likes of Manchester United and Chelsea.

Edelman said the club and their team manager Arsene Wenger did not need a wealthy investor.

"Arsene didn't spend all the money available over the summer so the argument that we need more money to be at the top of the table I find it perplexing."

Despite predictions of doom and gloom after the surprise departure of record goal scorer Thierry Henry, Arsenal's young side have had a blistering start to the season. Unbeaten after six games Arsenal are top of the Premier League.

Edelman said it was up to Wenger whether the club recruited a new director of football to replace Dein.

"There are no plans to appoint a director of football. We've managed to sign all the players we targeted and re-sign those we wanted to.

"If Arsene wants to add additional personnel, we support that decision."

Arsenal saw revenues shoot up 45 per cent in the year ended May, largely thanks to the £3.5 million a match it now makes from its new Emirates stadium.

However, pre-tax profit dropped to £5.6 million from £15.9 million the year before after swallowing a £21 million one-off charge to refinance the £260 million it borrowed to build the 60,000-seater ground.

Paying the interest on the stadium loans costs Arsenal around £20 million a year.