ARSENAL CHAIRMAN PETER HILL-WOOD has hit back at shareholder Alisher Usmanov after the Uzbek criticised the club’s operations.
In response to star striker and club captain Robin van Persie’s decision not to extend his contract with the club Usmanov, writing in an open letter to the Arsenal board, said the club’s business model was putting the interests of shareholders ahead of the team.
But Hill-Wood, who sold his shares to majority owner Stan Kroenke, rejected the claims as ‘complete and utter rubbish.’
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He told The Guardian: “It was nice to make that money, but I was never involved in Arsenal for that reason.
“I was involved because I have been brought up to love Arsenal and that is my only concern.
“I do not know what he (Usmanov) is trying to do really, I don’t think he is right.”
Hill-Wood stressed Arsenal cannot afford to match the outlay of Manchester City, who are bankrolled by members of the Abu Dhabi royal family.
“We don’t have the same oil wealth that (City owner) Sheikh Mansour has,” he said.
“He is prepared to pay astronomical figures for players; we cannot pay that sort of money, and we can’t compete.”
Usmanov feels Kroenke and the board should invest their own wealth to pay off the debt owed for the construction of the Emirates Stadium, to give the club a better chance of retaining their best players.
But Hill-Wood cited the impending introduction of UEFA’s Financial Fair Play policies, limiting club expenditure based on their turnover, as the reason for the board’s prudency.
“It’s simple to say we should put some money in, but it doesn’t make any sense,” Hill-Wood said.
“We can’t pay off the debt without huge penalties, and putting money in for any other reason doesn’t make any sense at all.
“We give the manager as much money as we possibly can, and all we can do is continue. We have run the club sensibly, and we haven’t done badly; it’s not as if we have been relegated.”
Gunners chairman Peter Hill-Wood hits back at Usmanov
ARSENAL CHAIRMAN PETER HILL-WOOD has hit back at shareholder Alisher Usmanov after the Uzbek criticised the club’s operations.
In response to star striker and club captain Robin van Persie’s decision not to extend his contract with the club Usmanov, writing in an open letter to the Arsenal board, said the club’s business model was putting the interests of shareholders ahead of the team.
But Hill-Wood, who sold his shares to majority owner Stan Kroenke, rejected the claims as ‘complete and utter rubbish.’
He told The Guardian: “It was nice to make that money, but I was never involved in Arsenal for that reason.
“I do not know what he (Usmanov) is trying to do really, I don’t think he is right.”
Hill-Wood stressed Arsenal cannot afford to match the outlay of Manchester City, who are bankrolled by members of the Abu Dhabi royal family.
“He is prepared to pay astronomical figures for players; we cannot pay that sort of money, and we can’t compete.”
Usmanov feels Kroenke and the board should invest their own wealth to pay off the debt owed for the construction of the Emirates Stadium, to give the club a better chance of retaining their best players.
But Hill-Wood cited the impending introduction of UEFA’s Financial Fair Play policies, limiting club expenditure based on their turnover, as the reason for the board’s prudency.
“It’s simple to say we should put some money in, but it doesn’t make any sense,” Hill-Wood said.
“We can’t pay off the debt without huge penalties, and putting money in for any other reason doesn’t make any sense at all.
“We give the manager as much money as we possibly can, and all we can do is continue. We have run the club sensibly, and we haven’t done badly; it’s not as if we have been relegated.”
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Alisher Usmanov Arsenal Criticism Open letter Peter Hill-Wood